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ProR35

BITCOIN DESCENDING WEDGE

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Bitcoin (INDEX:BTCUSD)  
ProR35 Atualizado   
INDEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Fundamental Analysis SPX (S&P 500 Index) BTC BTCUSD bitcoinetf Descending Broadening Wedge LONG breakout Contains image
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trendanalysis chartpattern fundamental spx btc btcusd bitcoinetf descendingbroadeningwedge long breakout containsimage
After 67 days of price action we have a 4H descending wedge pattern, and currently the upper boundary is being tested.

The SPX had a similar long term pattern formation as shown on the chart. The breakthrough of the upper boundary resulted in a 13.88% rally up past the previous local high and looks extremely bullish right now. Perhaps there will be a cool off soon but Bitcoin for sure has not had this rally yet, and the descending wedge breakthrough could trigger a similar rally.

With talk of a BlackRock BTC ETF this could be the catalyst to breaking through the pattern and rallying towards the local high of 28.5K (Target 1)
Comentário:
There is the breakout candle, looks very strong. Half way to target 1
Some confirmation candles would help to increase confidence in the breakout.
Trade fechado: objetivo atingido:
Target 1 Hit!
Trade fechado: objetivo atingido:
Target 2 Hit!
Being cautious from her as we look short term overbought
Comentário:
looks like BTC hit the bearish orderblock just under Target 3, hopefully we get a swing down towards 29k before that final push towards 32k
Trade fechado: objetivo atingido:
Target 3 Hit!! All trade targets now achieved.
Price looks to have printed a swing fail pattern (SFP) on that exact target and is now resistance with Target 2 as support.
Comentário:
That target 2 is still holding up as support, but not sure for how much longer. I fear there is a big candle coming in one direction or the other to break the range.
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