kris82wt

BTC falling wedge - now or never

Long
BITFINEX:BTCUSD   Bitcoin / Dolar
So we are almost at the end of falling wedge about everybody here was writing from long time. It's now or never for this pattern. As always, 2 scenarios:

- CODE RED - accumulation phase (since we're close to this level) we have to carefully watch volume and price action. We should see rectangle pattern with price bouncing and the critical price is where I marked green box below blue one. Price can't close below it (remember that quick moves/peaks can be little bit lower to wipe off long positions, but price can't close below it). If we can see this, we can expect hudge move upward, but I don't believe we will go higher than 9000 in one step, so I'm pretty sure TP: 9000, next some pullback and next higher levels.
- CODE ORANGE - we go down to 7400, if process will repeat 5k+

That's all for now
Komentarz: So far no good. I see more distribution than accumulation. Maybe when price bottom (green rectangle) bigger volume will appear. Moreover as you see, black dashed line is upper tendency of descending triangle which BTC went up forming descending wedge. Now we back to the triangle and we struggle to cross it. I will be a little bit more bullish if we can cross this tendency, even more bullish when some volume appear.
Komentarz: Sorry guys, I don't see any accumulation. I don't believe we can bounce from here. Next level IMHO ~$7850