BITCOIN DESCENDING WEDGE

2023年6月20日

After 67 days of price action we have a 4H descending wedge pattern, and currently the upper boundary is being tested.

The SPX had a similar long term pattern formation as shown on the chart. The breakthrough of the upper boundary resulted in a 13.88% rally up past the previous local high and looks extremely bullish right now. Perhaps there will be a cool off soon but Bitcoin for sure has not had this rally yet, and the descending wedge breakthrough could trigger a similar rally.

With talk of a BlackRock BTC ETF this could be the catalyst to breaking through the pattern and rallying towards the local high of 28.5K (Target 1)

2023年6月20日

註釋

There is the breakout candle, looks very strong. Half way to target 1
Some confirmation candles would help to increase confidence in the breakout.

2023年6月21日

交易結束：目標達成

Target 1 Hit!

2023年6月21日

交易結束：目標達成

Target 2 Hit!
Being cautious from her as we look short term overbought

2023年6月23日

註釋

looks like BTC hit the bearish orderblock just under Target 3, hopefully we get a swing down towards 29k before that final push towards 32k

2023年6月27日

交易結束：目標達成

Target 3 Hit!! All trade targets now achieved.
Price looks to have printed a swing fail pattern (SFP) on that exact target and is now resistance with Target 2 as support.

2023年7月7日

註釋

That target 2 is still holding up as support, but not sure for how much longer. I fear there is a big candle coming in one direction or the other to break the range.