BTC Rising Wedge also W, Bullish or Bearish?
Was watching some YouTube and noticed MMCRYPTO sees a rising wedge on the 4 hour and definitely there. My concern here is this is the same pattern in reverse that spurred BTC out of that long lull it was in which you can see in my publlished previous ideas. Major support and falling wedge to drive it up, now reversed major resistance and rising wedge. That's pretty clear and should be an easy trade if it breaks the trendline either way, but with a rising wedge pattern, this will take it down of course. If it breaks to the upside, need confirmation on a higher high and a close. Should be fun to watch, get your popcorn ready.
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There is still room in the rising wedge to go to the same levels I mentioned provided it breaks resistance above in red, and then break down even further. So we just have to wait and see. In other words, it could stay in the wedge up to 46k to 48k levels before breaking down or possibly up. with that major resistance there, I'm am wondering as again it's the 3rd time knocking on the resistance door.
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Broke down from the rising wedge on the 4 hour
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still supported at the 43500 level, but if that breaks, should take us to the support area above
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active
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we continue to break down from the rising wedge and looking for a longer target of 42k or lower
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should reach 40-41k off the rising wedge. Currently bouncing off of support as shown above. Active
Trade fechado: objetivo atingido
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Wild part is, it reached both the W and and the wedge target