Nearing the top of the descending wedge.
I'm expecting more down. If wrong, I'd expect a breakout of the trendline to be both violent and large.
I'm expecting more down. If wrong, I'd expect a breakout of the trendline to be both violent and large.
Looks like your wedge vs my 5200 support line.
I hope your wrong cos I need to pay a few bills and am holding
Clambering back up the castle wall - I just hope nobody's waiting with a big bucket of boiling hot tar above.(P.S. What's the breakout level according to your analysis ?)
I threw the above chart together too quickly, and failed to switch to logarithmic view. It affects the top by a few dollars.
It's a descending line so the price goes down over time, but on the 15m chart right now, I got $840.47, Bitfinex.
When we were tossing ideas around yesterday, one (bullish) possibility is that the upper trendline is 'ignored', and a new top is defined on volume. Best case, that would happen to reshape the descending wedge (which is already a bullish reversal) into a descending channel. That would complete the multi-year cup and handle pattern in a more textbook manner.
So overall I think it's a relatively bullish period:
-If we break up, current price is higher and it improves prospects.
-If resistance holds, it reaffirms the pattern and makes a subsequent retest of the low more likely to hold.
