Bitcoin (BTC) update - Ascending triangle formation? Or rising wedge? - Technical Analysis January 22nd

traincrypto(31)

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Hey guys, another quick update on Bitcoin. So I've coloured an ascending triangle forming, but only if we can climb up to the resistance at 13k.
If I'm honest, I would like another touch on the support after testing 13k for the last time. Otherwise I see an ascending wedge forming, which would signal we have completed our initial impulse wave up, and will transition into our 2 wave (corrective by nature).

Bullish scenario (above) - Test 13k once more - Come down to support - Bounce off support, blast through resistance and head for 15k before heading for wave 2.

Bearish scenario (below) - Breakthrough 13k - Find resistance at the trend line around 13.5k - Bounce and form an ascending wedge, break down and start wave 2.

I'm bullish on BTC lately. If we get the volume spike and with the futures contracts starting up again we could see a nice little rise soon.

As always, these charts are guidance so you can make informed decisions. I hope you can make some profitable calls based on my analysis, as that's why I'm doing this.

EDIT I should have explained things a bit better. I see an overall bullish scenario playing out, but you might think if we break the ascending triangle we're bearish and going down?

Not exactly. For a small time period, yes (we might even see 10k today) but I'm of the opinion that as soon as we get there, bulls aren't going to let the price drop any longer and they'll push the price up once again.

Gives you a new perspective, and you just react and project as usual. As you can see we lost my support line in the first chart, but I just drew it where it finds support on the most recent candle :)

Last point to note: 10k is a BIG psychological number, and if we break that and head below our support at 9.5k, we are still in our corrective wave C and have not yet initiated our impulsive move up. This would mean we should look for a reversal signal under 9.5k, which could be the start of the great BTC bull run of 2018 :)

Peace.