Falling Wedge in Bitcoin
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So after the textbook wave 1 (red line to point 1), which consisted out of 3 little waves (blue lines), there was the expected correction.
However, instead of the typical elliott wave correction there is a falling wedge in an uptrend, which is a bullish pattern. I am pretty sure traders are not going to let bitcoin fall below 4300. And the order book confirms this as there are buy orders for a total of 450 BTC at 4300.
So hopefully we can break the top of the triangle, as soon as that happens the shorts will cover and everyone wants to profit from the rally and there will most likely be a massive spike. my target is around 4480.
However, instead of the typical elliott wave correction there is a falling wedge in an uptrend, which is a bullish pattern. I am pretty sure traders are not going to let bitcoin fall below 4300. And the order book confirms this as there are buy orders for a total of 450 BTC at 4300.
So hopefully we can break the top of the triangle, as soon as that happens the shorts will cover and everyone wants to profit from the rally and there will most likely be a massive spike. my target is around 4480.
Note
and there is the massive spike :p
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