BTC / USD - Right-Angled Broadening & Descending Wedge
Analysis based on the chart pattern mentioned in the title, fibs for confluence on bullish and bearish targets.
Bearish Scenario:
- Break below the pattern would likely begin with a lower high near the middle of the wedge (around where we are now), and then head down below the wedge to the green box area, around ~19.5k.
Bullish Scenario:
- Break above the wedge would likely re-test the top of the wedge, make a lower low also around the middle of the wedge before breaking above it, and then head up to the red box area, around ~51.5k.
4H Chart zoomed-in:
Bearish Scenario:
- Break below the pattern would likely begin with a lower high near the middle of the wedge (around where we are now), and then head down below the wedge to the green box area, around ~19.5k.
Bullish Scenario:
- Break above the wedge would likely re-test the top of the wedge, make a lower low also around the middle of the wedge before breaking above it, and then head up to the red box area, around ~51.5k.
4H Chart zoomed-in:
Comentarios:
Update - Adjusted 4H chart paths for zoom-in:
Comentarios:
CORRECTION - bullish scenario would make a HIGHER low ;)
Comentarios:
Bullish divergence - RSI and MACD vs. Price:
