BitcoinLargo
BTC - Triangle Within A Wedge
Sometimes we get a pattern within a pattern. In BTC`s case, we just completed an ascending triangle (orange), and just had a nice pop up at its tip. Unfortunately, the pop up stopped right on the upper edge of an ascending wedge (blue), which is generally a sign that a downside move is to come.
How far down might this downside move go? Generally it falls the height of the wedge at its beginning (pink dots). In this case, the height is from 7000 to 8300, or 1300. So we should expect a drop of around $1,300 USD in BTC soon. When?
First the price has to drop down to the lower edge of the wedge. When it does, the price could bounce up again and head back up to the wedge's upper edge. In fact, it could keep doing this several times, gradually rising higher and higher as it does.
At some point, however, as long as the price does not break up and out of the wedge, at some point it will touch the lower edge and just keep going down. At that point we can measure down $1,300 for a general landing area.
But for now, BTC is still bullish. When it touches the lower edge of the wedge, we'll then need to be cautious.
How far down might this downside move go? Generally it falls the height of the wedge at its beginning (pink dots). In this case, the height is from 7000 to 8300, or 1300. So we should expect a drop of around $1,300 USD in BTC soon. When?
First the price has to drop down to the lower edge of the wedge. When it does, the price could bounce up again and head back up to the wedge's upper edge. In fact, it could keep doing this several times, gradually rising higher and higher as it does.
At some point, however, as long as the price does not break up and out of the wedge, at some point it will touch the lower edge and just keep going down. At that point we can measure down $1,300 for a general landing area.
But for now, BTC is still bullish. When it touches the lower edge of the wedge, we'll then need to be cautious.
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