Siamese Falling Wedges & a 4 Hour Golden CrossWe can see we will likely be getting a 4hr golden cros on the 4hr chart roughly 2 hours from now on Bitstamp(shown here). A quick look on the Bitfinex chart(not shown here) shows me a 4hr golden cross has already occurred on that exchange which could be why we are already seeing 3 nice green candles in a row here.Of coure it could also be in anticipation for the golden cross as well. Other bullish elements include the current falling wedge we are in(in yellow). It is nearing its apex and we can also see that it is overlapping with another falling wedge(in white). This overlapping wedge effect I haven't seen talked about before but the term I'm coming up with for it is siamese falling wedge because they are kind of fused together. Currently the most valid of the 2 wedges I believe is the yellow wedge and it is exciting to see price action trying to break above it...unfortunately right at the top trendline of the yellow wedge we currently have the historically strong teal horizontal teal line overlapping the trendline and creating a double reinforced resistance. Ultimately the kind of patterns eventually resolve bullishly so I anticipate we will inevitably break upward here...the 4hr stochrsi ah plenty of room to go up. However, I now think the breakout target is gonna be more for the wedge than it is any kind of long poled bull flag so I don't believe we will be breaking out of the bigger wedge above it necessarily but I do believe we will at least test it and we will hopefully finally break above the 1 day charts 50 ma for a bit which has been incredibly powerful resistance for a long time. Whether or not we will be able to sustain priceaction above the 1 day 50ma and flip it to solidified support I will have to wait and see how things look once we get there. For now I am at least in the immediate and semi short term long. Just my position though not financial advice by anymeans. Thanks for reading!
