So here we are. this is my hypothetical opinion of BTC based on patterns and noted resistance levels. With this sharp ascending wedge we have actually formed an incredibly large start of an inverted head and shoulders with a 11,000 span.
BTC has broken from its downtrend channel and begun to move upwards in a large ascending wedge.
Those desperate for another short opportunity will have to wait as the bulls have full grip until this wedge breaks.
a downward break is likely around the 13.5k to 14k mark, this may take us to the 12,900 resistance level before sideways movement and finding another uptrend. the uptrend should take us to our 16,900.
At that point only a price of 16,500 would be a sell signal for the next shoulder formation with a buy placed at 13,000 and would confirm a large outbreak in BTC afterwards.
This is clearly a very long term projection looking as far as april and may and is obviously invalidated quickly as trends playout and new trends are formed.
BTC has broken from its downtrend channel and begun to move upwards in a large ascending wedge.
Those desperate for another short opportunity will have to wait as the bulls have full grip until this wedge breaks.
a downward break is likely around the 13.5k to 14k mark, this may take us to the 12,900 resistance level before sideways movement and finding another uptrend. the uptrend should take us to our 16,900.
At that point only a price of 16,500 would be a sell signal for the next shoulder formation with a buy placed at 13,000 and would confirm a large outbreak in BTC afterwards.
This is clearly a very long term projection looking as far as april and may and is obviously invalidated quickly as trends playout and new trends are formed.