Bitcoin: bullish wedge, time to open long again
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Weekends accumulation has formed a bullish wedge pattern. Notice the 3 lows structure with declining volumes, bears are clearly losing strength here. Also notice this accumulation was going for 4 days which is quite long, thats what you want to see on weekends to expect new week to be bullish. Wedge can lead price to a test of 8900 level again, or even a break of 9k.
On February 18 price has formed the same structure, our long that time has brought us good profit. In my public channel (check signature) we are going to open long again. Expecting same price action like it was 12 days ago.
By the way even though I expect a move up, this doesnt necessary mean Bitcoin is bullish again. This move up can be just a retracement/correction before price drops again. Coronavirus situation still has influence on all markets and crypto is not an exception.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
Weekends accumulation has formed a bullish wedge pattern. Notice the 3 lows structure with declining volumes, bears are clearly losing strength here. Also notice this accumulation was going for 4 days which is quite long, thats what you want to see on weekends to expect new week to be bullish. Wedge can lead price to a test of 8900 level again, or even a break of 9k.
On February 18 price has formed the same structure, our long that time has brought us good profit. In my public channel (check signature) we are going to open long again. Expecting same price action like it was 12 days ago.
By the way even though I expect a move up, this doesnt necessary mean Bitcoin is bullish again. This move up can be just a retracement/correction before price drops again. Coronavirus situation still has influence on all markets and crypto is not an exception.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
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