At least, Bitcoin crossed that important brown dashed yesterday and it fluctuates above that important today. Does it mean Bitcoin is now? Since February 11, 2018, BTCUSD is in an uptrend with higher highs and higher lows. This seems to confirm a scenario.
Let us have a look at the system. is at 8657. The price of Bitcoin is undecided and fluctuating around . I expect the blue dotted to provide enough support for driving BCTUSD up to the resistance R1 level at 9245. There will be a test of this R1 level. It is very likely that the price of Bitcoin will bounce on this level and resume its journey towards South. There is just not enough momentum for breaking this strong resistance R1 level.
2. Rising wedge
However, despite the strengh of both patterns, the price of Bitcoin did not reach its target. The contrary is the case. BTCUSD created on the 30 minutes chart higher highs and higher lows, a clear sign of an uptrend.
Compared to the time span from December 17, 2017 until now, when the upmoves never reached their target, this is exactly the opposite right now.
Because SHS fail to signal the right direction in rare cases, Investopedia recommends to set a stop loss above the right shoulder of an SHS. https://www.investopedia.com/university/...
Chart with the bearish signals that did not work.