DenisTrofimov

Bitcoin Falling Wedge & Inverse Head and Shoulders breakout.

Long
BITFINEX:BTCUSD   Bitcoin
Possibly, a bit crazy scenario in the current market condition, but thought it would be worth sharing. There is a giant falling wedge. Of course, it is not perfect as the second top does not touch the top resistance line, but two touches before the breakout make the pattern valid by the book. The breakout occurs on July 17th and now we are testing the trend line, from above, which is now a support line. Testing the support line also creates a right shoulder of the inverse Head and Shoulder pattern inside the Wedge. If the support line holds, we will finish "drawing" the right shoulder with the target of at least $8500+
Fail of the support zone, will lead to testing of the lower trend line at around $5300.
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