Ascending wedge is a continuation pattern. The trend is downward. So it should break downward in the near term, but we're inside of a giant triangle, with a $7,000 floor. Which means the drop would be $700 or less. Upper limit is $8,800 and narrowing.
Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.
Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.
You can visit my previous bear call from May 8th here (under my previous screen name):
Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.
Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.
You can visit my previous bear call from May 8th here (under my previous screen name):
Operación activa
Failure to bounce to the upper band can be taken as extremely bearish and that could cause the lower wedge to break down - dropping the price below $7,000.Operación activa
... and asc wedge breaks down the following day.Operación cerrada: objetivo alcanzado
Closed short after almost $300 price drop to take profit.Nota
We broke the lower wedge, so as expected, 7k is now toast. Nota
s/wedge/pennant
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.