Dear fellow traders,
Let's have a look at my chart.
As you can see I draw a big falling wedge pattern and his approaching its end around the last week op April. Will it break to the down or upside? I see and hear that many people think BTC is going down to the 3k / 4k zone, I don't. But we have to consider the possibillity. For the last 3 months, the lower blue line of the falling wedge has been a great support line. If BTC will break this line the 4k zone may come in play (orange line). (30% chance)
The chance that BTC is breaking out to the upside of the falling wedge is bigger in my opinion. Why?
-In the falling wedge I have drawed two cypher patterns.
No. 1: After hitting D, BTC went up to the 0.382 (C-D first cypher) fibonacci level.
No. 2: 9 days ago BTC hitted D and I think that it will go test the 0.236 - 0.382 (C-D second cypher) fibonacci level again. If this plays out, BTC breaks out the upper blue line of the falling wedge which mean we have a trend reversal.
-MACD and trend -> lower highs and higher bottoms.
The orange and light blue arrows are very important points to watch. Will it break our support line of 6350 - 6450 a retrace to the orange line is possible. Will it break the upper blue line a target of 7600 - 8600 is possible.
Happy trading all!
(this is NOT a financial advise, just my trading idea of BTC)
Let's have a look at my chart.
As you can see I draw a big falling wedge pattern and his approaching its end around the last week op April. Will it break to the down or upside? I see and hear that many people think BTC is going down to the 3k / 4k zone, I don't. But we have to consider the possibillity. For the last 3 months, the lower blue line of the falling wedge has been a great support line. If BTC will break this line the 4k zone may come in play (orange line). (30% chance)
The chance that BTC is breaking out to the upside of the falling wedge is bigger in my opinion. Why?
-In the falling wedge I have drawed two cypher patterns.
No. 1: After hitting D, BTC went up to the 0.382 (C-D first cypher) fibonacci level.
No. 2: 9 days ago BTC hitted D and I think that it will go test the 0.236 - 0.382 (C-D second cypher) fibonacci level again. If this plays out, BTC breaks out the upper blue line of the falling wedge which mean we have a trend reversal.
-MACD and trend -> lower highs and higher bottoms.
The orange and light blue arrows are very important points to watch. Will it break our support line of 6350 - 6450 a retrace to the orange line is possible. Will it break the upper blue line a target of 7600 - 8600 is possible.
Happy trading all!
(this is NOT a financial advise, just my trading idea of BTC)