I think it's valid to interpret this as either a Rising Wedge or an Ascending Triangle with a false breakout and accelerated accumulation. There is class A bearish divergence however it hasn't played out very well thus far(doesn't mean it won't continue to play out still). Maybe that is a testament to the bullish case for Bitcoin.
Entry would be around $7685 if it's valid and it just so happens that the measured move of this bear flag almost lines up perfectly with the PCZ of the Bullish Cypher. Let's see what happens.
It’s been a crazy weird 24 hours so who knows what’s going to happen. These are unprecedented times so trade safely. Looks like that right shoulder is starting to become more defined. Measure move could take it back up to around $8000 😅.
I think a case could be made for both patterns but there is a pretty clear sell wall between $9445 and $9465 and lately every time BTC sells off from that sell wall it makes higher lows. Let’s see what happens.
This is just an idea, nothing too serious yet at least. There's resistance at around $8680 which just so happens to be at the 1.130 fib extension of the C leg of the bullish cypher. If the price gets up to the $8680 area and doesn't close above it, we will most likely see class A bearish divergence and retrace down to around the $7250 area which would be the...
Possible ascending triangle on XLM/BTC. If the pattern is valid the measured move would take us to 0.00001076.
Do not make trading decisions based off of this chart. I’m still learning.
Looks like we might be forming an inverted head & shoulders on the 4h timeframe. If there is a confirmed breakout, price target would take us to around $12,291.
Please do not trade based off of this chart, I am still learning.
Looks like BTC formed a rising wedge on the 30m chart, couldn’t break resistance at $10,970 and is now breaking out of the rising wedge bearishly. We saw bearish divergence on the MACD and RSI and now we’re seeing negative momentum building on MACD. Let’s see what happens.
