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We broke above the thick yellow line after multiple unsuccessful attempts. We just came back down to retest that thick yellow line for support which was successful.

We ALSO were winding up within an ascending wedge formation. In order to test that yellow line for support, we had to break down out of that wedge.

Now we're trying to break back up into the wedge. We already bumped our heads on it once. You can see the close up in the 2nd picture. Looks like we're making another run to get back into that wedge formation right now.

🪶

RedTailHawk 5mo ago

Broke back up into the wedge.

My guess is we hang out above that blue wedge line but maybe below ~$120k, come back down, retest the blue wedge line for support, bounce up off of it, and then ride that blue line up for a while until we break out of the wedge formation.

Normally ascending wedges would be expected to break to the side or below rather than to the upside, but this is Bitcoin in a bull year so Honey Badger T.A. rules are in effect.

Thank you for riding the Orange Coin Express. Please keep your hands and arms inside the rocketship at all times and enjoy the ride.

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Discussion

RedTailHawk 4mo ago

Basically what I anticipated. Took us a try or two to get above and stay above that blue diagonal but we're back in the wedge riding that blue uptrending support line.

The wedge peaks sometime in September so something's gotta give one way or another by then. Given that it's the autumn of a bull year, I'm going with number go up even though ascending wedges tend to break to the downside more often than they break to the upside.

🪶

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