Charting question for anyone to answer... if you draw the upper
trendline from the Feb high instead of the March high, you get a
bearish rising wedge (that also contains the shorter term coil).
Is one pattern more valid/likely than the other?
One scenario is coil breaks to the upside for a short term pop,
then the bearish wedge potentially comes into play. (Though,
these days, I see some rising wedge BO's go to the upside, so maybe
this is the new bullish scenario. Ha!)
Charting question for anyone to
Bitcoin trying to break out of its coil
Posted by rjdst on 10th of Apr 2021 at 11:26 am
Charting question for anyone to answer... if you draw the upper trendline from the Feb high instead of the March high, you get a bearish rising wedge (that also contains the shorter term coil). Is one pattern more valid/likely than the other?
One scenario is coil breaks to the upside for a short term pop, then the bearish wedge potentially comes into play. (Though, these days, I see some rising wedge BO's go to the upside, so maybe this is the new bullish scenario. Ha!)
My opinion is that they
Posted by cozz101 on 10th of Apr 2021 at 12:44 pm
My opinion is that they are both valid and I have also seen some overshoots of the wedge lately; but I do think it could offer resistance.
Using triangle target projection, the triangle could measure to 74-75,000. (no guarantees of course :) https://school.stockcharts.com/doku.php?id=chart_analysis:chart_patterns:symmetrical_triangle_continuation