BTC - Rising Wedge or Ascending Triangle? Breakout w/in 48hrs
Background: It is a couple days after the epic "flash dump" that saw Bitcoin drop over 13% in an hour and most alts significantly more. While we briefly wicked to around 50k, the chart eventually settled into the mid 50s.
Current Status: Bitcoin is painting a possible ascending triangle (bullish) or rising wedge (bearish). As a rising wedge it looks weak, but an ascending triangle can't be confirmed yet until we see another high near 57.6k. Failing to reach that level and post lower highs will confirm the rising wedge, which is a bearish pattern.
Whats Next: Watch for a breakout likely within 48 hours, I posted breakout targets for both bullish and bearish breakouts. There are a number of supports and resistances to overcome no matter which way it breaks, and expect that any breakout will be weak, and range/consolidate before continuing further. Look for a second candle confirmation between the 5 and 15 minute charts on breakout from the pattern before entering a trade, as Bitcoin is highly volatile lately.
Current Status: Bitcoin is painting a possible ascending triangle (bullish) or rising wedge (bearish). As a rising wedge it looks weak, but an ascending triangle can't be confirmed yet until we see another high near 57.6k. Failing to reach that level and post lower highs will confirm the rising wedge, which is a bearish pattern.
Whats Next: Watch for a breakout likely within 48 hours, I posted breakout targets for both bullish and bearish breakouts. There are a number of supports and resistances to overcome no matter which way it breaks, and expect that any breakout will be weak, and range/consolidate before continuing further. Look for a second candle confirmation between the 5 and 15 minute charts on breakout from the pattern before entering a trade, as Bitcoin is highly volatile lately.