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Falling

rising wedge still valid; 4hr srochrsi reset.As I had said an idea or so ago we will likely fake a breakout once or twice to reset rsi and stochrsi levels before w have enough momentum to break above the neckline of the inverted head & shoulders pattern. What was once looking like your average bull flag has morphed into a sort of small falling broadening wedge and now are 4hr stoch rsi is ready to go up again. I was also able to widen the bottom trendline of the rising wedge slightly and still maintain it's trend validity. So unless we see a big surge in bear volume here we are still inside the rising wedge and also found support at the wedge. If we do break down from the lavender wedge we may drop all the way back down to retest the bottom trendline of the symmetrical triangle. I think probability favors the uptrend still especially with the recent 4hr golden cross but need to anticipate the opposite happening as well. Just my opinion and not intended as financial advice. Good luck out there and thanks for reading.
BITFINEX:BTCUSD
by DrDovetail
A revaluation of the falling wedge. 5.3-5.4k drop in place.After 4 or so 4hr candles closed above the previous top trendline of the falling wedge with no volume to go with it, it became apparent that the falling wedge may be wider than originally anticipated...I have since switched the trendlines from the bodies to the wicks which has now create a much longer falling wedge as well, and we can see we are still very much inside the wedge...It also looks like the apex of the wedge now dips all the way down into the 5400 range. On top of this we also have the potential of a bear flag on the 1 day chart breaking down...if it does so the projected drop target of that flag is around $5300. Rsi on the 4hr is nearing oversold however we have had the rsi in the oversold zone for extended periods of time recently so it would ot be a big surprise if that were to happen again.
BITFINEX:BTCUSDShort
by DrDovetail
3
Price Action Consolidating in Small Falling wedge4hr chart has the price action respecting the trendlines of a falling wedge/bull pennant. I don't foresee any bullish breakoutt hat may come from this pattern being anything substantial..especially the closer it gets to the apex the harder it will be for a breakout to lead to any sort of higher high. If a breakout does occur I anticipate it will most likely form a lower high and then dip again to another lower low. Probability favors this but of course I am prepared for the opposite should we somehow skyrocket to a higher high.
BITFINEX:BTCUSD
by DrDovetail
GameStop falling wedge, LONG TERM HOLDGamestop seems to be among the most hated stock out there. It is tanked so low that is unbelievable. However, what is surprising is that the stock is trading far below its book value and it has a PE ratio of 4 which is also unbelievable. The reason was mostly because the company was not run in an optimal way. However, that is about to change. New CEO has just been appointed and things are going to become much better for the GAMESTOP. Plus we are just bouncing off the support line and when we break this wedge we can potentiallly go to 30 USD level without any problems. RSI on a month chart is saying that we are heavily oversold. In any case, make sure that this is a very long term trade. It will take a year or two but you will almost triple your money.
NYSE:GMELong
by nnxx
8
Potentially breaking above the falling broadening wedgeThe price action is once again peeking above the top trendline of the falling broadening wedge (in turquoise). If we can sustain this and close 2-3 4hr candles above it then I expect a big move upward. We will at the very least form another higher high in our higher low/higher high series to keep the bulls in control if we break above but I anticipate a confirmed break above this wedge(which has been acting as the handle to the Eve cup) will take us as high as 8k and potentially all the way up to the neckline of the adam and Eve double bottom...need the confirmation closes and a boost of bull volume first though to confirm the breakout though. Things are looking good and we've had a few good bullish news stories about ETFs and the SECs comments about bitcoin not being a security today so I have a feeling the sentiment will remain bullish. Because of these factors I'm gonna go ahead and list this as long...however I'm still keeping an eye on that potential head and shoulder pattern I have much more faith in the bulls. We also have consistently bounced upward off an upward slanting support line on the 4hr rsi as well and have once again bounced up from it this time around the 42 range.
BITFINEX:BTCUSDLong
by DrDovetail
BTC forms another higher low; testing top line of faliing wedge.BTC continues its higher low/higher high pattern by forming another higher low on the 4hr chart. and is now testing the top trendline of the falling wedge again. To continue its bull pattern we will want to look for it to reach a higher high than the last higher high of $7777 I personally think we will be heading up to 8k before the next retrace but are currently finding resistance at the falling wedges top trendline. I see enough room on the 4hr rsi to overcome this resistance though...so I'm listing this idea as long. You make your own choices though as this is not meant to be taken as financial advice.
BITFINEX:BTCUSDLong
by DrDovetail