BTCUSD bad news bear scenario: Bitcoin rising wedge break down?
Many traders have noticed this rising wedge, so I will not claim some first discovery here.
But the strong leg down gave me some measurements, and rather interesting prediction.
And if that was wave 1 of 5, then it quite often proceeds to the 4.236 or 4.618.
Thus the fib targets match with 'traditional' targets for a rising wedge break.
Maybe it was just a bear trap, but lets see. But If this plays out,
it will be an interesting study of the ''pattern'' strategies that might have Fibonacci based proofs.
Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:
As it was being approached, I fined tuned the target a based on the downward momentum:
Getting closer, I started to see a bigger picture coming together:
As it bounced, I had hoped for a 4500-4700 peak:
But then 4425 came into focus as the big hurdle:
So here we are now, trying to gauge the retrace, which I think will be ONE of these TWO scenarios:
But the strong leg down gave me some measurements, and rather interesting prediction.
And if that was wave 1 of 5, then it quite often proceeds to the 4.236 or 4.618.
Thus the fib targets match with 'traditional' targets for a rising wedge break.
Maybe it was just a bear trap, but lets see. But If this plays out,
it will be an interesting study of the ''pattern'' strategies that might have Fibonacci based proofs.
Background:
This is a continuation of my calculations to find the 'bottom' and consider whether it will go any lower or not.
First I saw 3618 on CoinBase as important which had been on my charts for over 6 months:
As it was being approached, I fined tuned the target a based on the downward momentum:
Getting closer, I started to see a bigger picture coming together:
As it bounced, I had hoped for a 4500-4700 peak:
But then 4425 came into focus as the big hurdle:
So here we are now, trying to gauge the retrace, which I think will be ONE of these TWO scenarios:
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