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Bullish breakout from triangle pattern confirming more upside

업데이트됨

As I was postulating the past few ideas we have indeed formed in the consolidation period a bullish pattern. For now I am showing what the patterns upward price action projection will be if it is simple a triangle pattern...but this could very well be a Bull pennant as well in which case the price can climb much higher than this as you would calculate the pole into the projection length...but at the very least the projection I have posted here has the highest probability of being met out of the 2...so good news is we will be reaching just under 9,000 soon most likely, however if this pattern is more of a flag/pennant than just a triangle then the projected jump is much higher....Either way The original breakout from the descending wedge should eventually take us much higher than either of those patterns anyways, so both are likely going to be validated. One sidenote to make about the descending wedge...I took a econd look at the bottom trendline I had made for it and realized it need to be tightened up for slightly better projection accuracy...upon doing so I realized the projected breakout price target would be slightly lower than the projection of $10335 I had originally given...but not by much. I will post the new projection in the comment under this once I go back to recheck it...but we should definitely be hitting the 10,000 mark even with the more condensed trendline. I hope you all had a hance to bargain hunt on ome of the better alt coins. I picked up some QTUM and lisk, and also added to my nano, steem, neo, omisego, ripple, lumens, zecash, dash, siacoin, digitalnote, augur, and aragon, when prices were extremely low.

코멘트

ok so once I tailored up the bottom trendline of the purple descending wedge to fit a more accurate series of candle bottoms, the wedge became much more tightly compacted which took away a lot of it's height. Unfortunately the projected breakout now is much lower at $9446 sometime around the 26th of march maybe slightly before or slightly after. So almost $1,000 lower than the original projection all just from refining the bottom line of the wedge....however that's not to say we won't still hit $10335 as we could still very well have many new bullish patterns that emerge around that time...but definitely wise to be cautious once we start approaching $9300 or so and pay close attention to the sentiment of the market, rsi, macd, volume, and any emerging chart patterns. I have a feeling quarter 2 of this year is likely to be very bullish...but yeah it looks like $9446 is now the most accurate price projection of the descending wedge breakout.

코멘트

current resistance seems to be the 61.80% fib retrace at 8800

코멘트

That resistance has currently flipped to support which is exactly what you would anticipate it doing after a bullish Breakout. Watch for it's to try and flip it back to resistance once we begin the next 4-Hour candle but the probability is higher that we still have more climbing to do before any retracements