Bitcoin is printing a bullish ascending triangle on the shorter time frames and currently playing out within a broadening wedge which is itself within a larger broadening wedge so there is potentially further room to the upside for btc and a lot of room to the downside if we drop below SMA200 on the weekly.
The target of the ascending triangle is around 5% to the broadening wedge resistance and a 127.2 fib extension from the base of the flag pole to around $3730. We might then either retrace to the broadening wedge support (127.2 fib extension from resistance) at around $3150 before bouncing or if we have enough volume, we'll move towards the resistance of the larger broadening wedge at around $4000 which is a 161.8 fib extension from the smaller wedge support. Let's hope we have a strong bullish break above resistance if we get there for the broadening wedge to play out the bullish version otherwise we'll be retesting it's support.
If btcusd breaks below the current broadening wedge support, then we'll also drop below the weekly SMA200 which could turn ugly considering support for the larger wedge is around the
1K zone.
Good luck and happy trading!
The target of the ascending triangle is around 5% to the broadening wedge resistance and a 127.2 fib extension from the base of the flag pole to around $3730. We might then either retrace to the broadening wedge support (127.2 fib extension from resistance) at around $3150 before bouncing or if we have enough volume, we'll move towards the resistance of the larger broadening wedge at around $4000 which is a 161.8 fib extension from the smaller wedge support. Let's hope we have a strong bullish break above resistance if we get there for the broadening wedge to play out the bullish version otherwise we'll be retesting it's support.
If btcusd breaks below the current broadening wedge support, then we'll also drop below the weekly SMA200 which could turn ugly considering support for the larger wedge is around the
1K zone.Good luck and happy trading!
Nota
We have hidden bearish divergence on the 1H. Triangle might fail and price might drop from here.Nota
Bitcoin closed at the wedge resistance and we now have bearish divergence on the 1H stoch so expecting a move down to our $3330-$3380 trendline support (connecting the higher lows).Nota
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