Currently BTCUSD is breaking down from a small ascending wedge inside a large ascending wedge. (impulse 4) If we continue this pattern we move to 53-54K High end of August, to break down to the 40K support zone in early-mid September.
This would, if it holds up, have formed a beautiful consolidation after the past bullish move upwards.
I'm crossing my fingers, looking at Alt's that have boomed on impulse 3, and hold up nicely during impulse 4, buying and holding them for this possibly spectacular run. XRP DOGE SOL TRX ADA , are looking good right now.
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BTCUSD nearing the ascending wedge's rising support line. In the next 1-2 Days it will become clear if we continue into impulse 5.
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@poidogofficial brought to my attention I misdrew my lower support line, this is because I draw my straight lines on linear scale with straightened curves, so they work on logarithmic scale. I've corrected the lower support line in this image. We are currently bouncing of the lower support line. 44250 is about as low as it will get imo.
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Bounced off the rising support line, now meeting critical area's to start impulse 5.
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1/4
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2/4
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2/4 Rejected for now.
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Lets hope it breaks these.
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2/4 broken
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3/4 broken
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4/4 broken 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗲𝗱
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Bounced of the wedge's lower support line for now.
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I'm giving it 48H to break or continue. Longing this spot is pretty safe, as you can place an extremely tight stop-loss.