We have seen this pattern formation often with Bitcoin, so we know how to trade it (see our previous threads!).
There are two possibilities:
A breakout to the upside with a MIN TP of $8205 and a MAX TP of $8681. We can wait for a breakout of the all time high at $7602 or fetch the early bird price of $7452 with a breakout upwards from the crown reversal zone.
Alternatively, a crown reversal is very possible with a short MIN TP at $6744 and a MAX TP at $6523. A break of the rising wedge trend lines can serve as confirmation or get involved with a break of the crown reversal zone at $7340.
*Keep in mind these TP levels can change with further analysis of price action.
***This is a high risk trade as the bullish cycle expires today. This means a break to the downside is more likely than upwards under normal circumstances. Given some fundamentals in this market, this bullish cycle might be prolonged.
Cheers and GLWT! -Erik
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I've been long since $6925 as per our previous thread!
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For long entries, should not trade below the $7200 support area.
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Ouffff!!! This is getting exciting XD I warned you about the bullish cycle I hope you listened!
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Down to "D" following a breach of the big rising wedge line?
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Finally, crown reversal?
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MIN TP! CHeers!
We could form an inverse head and shoulders with the current pattern on the chart...but a break below the bottom big rising wedge line will indicate a more serious correction.
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Kissed MAX TP! Watch the big rising wedge line and the thick teal line which is the top of the bull channel.