Huge Bullish Descending Wedge on BTC, Can Bulls Still Have Hope
Ok guys, the fight is on, BTC is on the ring right now. Something big is about to happen !
We have 4 strong patterns in the same area right now and they are all about to break out. We have 3 bearish and 1 bullish patterns, so let's see who will win this price battle. It will be really interesting to watch in the next few days.
So let's start with the little bear flag we are currently trading in. It's the weakest figure out there cause it's the tiniest. Second, the big bear flag, third the huge bull descending wedge and last but not least, the really weird big H&S. This H&S is the strongest figure here, cause it's the biggest one of the 4 patterns, but the descending wedge is really not far behind.
So, who wins ? Bears or bulls ? Well, the bears still looks to have control of the current market. 3 of the 4 patterns are in their favor... And we are in a bad downtrend, with a really bearish momentum since the fifth of march. However, the huuuge bull descending wedge is of course in favor of the bulls, and this is a pretty strong figure. Also, on the other side, I have to admit than the H&S is borderline... The left shoulder is a couple bucks higher than the head, which makes the H&S a bit unreliable. However, if you guys go take a look at the daily chart, you can see than the close and the open of the candles are higher on the head, and this is an important thing to notice because close and open is more important than swing high/low... That's why I finally chose to give this pattern some credit. And more important, even if this H&S is borderline, the fundamentals of the H&S are still there.
Verdict..? Even if the bears looks in a much stronger control of the crypto market, the bulls can still have hope ! But let's be honest here... This BTC chart is looking soo bearish at the moment.
Who do you think will win this round ? Feel free to comment below !
Stay tuned for more updates,
Fred
We have 4 strong patterns in the same area right now and they are all about to break out. We have 3 bearish and 1 bullish patterns, so let's see who will win this price battle. It will be really interesting to watch in the next few days.
So let's start with the little bear flag we are currently trading in. It's the weakest figure out there cause it's the tiniest. Second, the big bear flag, third the huge bull descending wedge and last but not least, the really weird big H&S. This H&S is the strongest figure here, cause it's the biggest one of the 4 patterns, but the descending wedge is really not far behind.
So, who wins ? Bears or bulls ? Well, the bears still looks to have control of the current market. 3 of the 4 patterns are in their favor... And we are in a bad downtrend, with a really bearish momentum since the fifth of march. However, the huuuge bull descending wedge is of course in favor of the bulls, and this is a pretty strong figure. Also, on the other side, I have to admit than the H&S is borderline... The left shoulder is a couple bucks higher than the head, which makes the H&S a bit unreliable. However, if you guys go take a look at the daily chart, you can see than the close and the open of the candles are higher on the head, and this is an important thing to notice because close and open is more important than swing high/low... That's why I finally chose to give this pattern some credit. And more important, even if this H&S is borderline, the fundamentals of the H&S are still there.
Verdict..? Even if the bears looks in a much stronger control of the crypto market, the bulls can still have hope ! But let's be honest here... This BTC chart is looking soo bearish at the moment.
Who do you think will win this round ? Feel free to comment below !
Stay tuned for more updates,
Fred
