Taking a look at our Futures for BTC i have noticed something very very similar, a continues set of falling wedges where once we breakout to the upside its explosive and can lead to huge gains. Basically this TA in my opinion shows us how valid the "bullrun" still is, and as ive said before and ill say again, i personally think we are still in a strong bull market, my thoughts are that this recent crash has been a big shakeout putting fear into retail investors and making them doubt about still being in a bullrun, another thought is that exchanges, whales, big money are liquidating overleveraged longs across the board. Lastly in the background i believe there has been massive accumulation going on coming from big money and strong hands, you can see it very clearly on Ethereum, we had a 3 week period of sideways movement and usually the case with that is accumulation and buying going on. Some really key support levels are the S2 at aprx 44.5K, 42-41K and finally the crucial support level of 40K, i would say anything above 40K we are still in a strong bullrun, but i breakdown and a good bit below 40K i would start getting a little worried and where personally i would start to think the bullruns coming to an end. Some key resistance levels are 50K and 51K which we are currently facing right now, ideally we want to break up above and close a couple days above here, the top of the falling wedge is also key too and something we need to breakout of to ignite another massive run. Each time we saw this bullish falling wedge pattern with a upside breakout we saw aprx a 60% move to the upside without much trouble at all, now if we give our current falling wedge the same price increase off of the breakout we are looking at 80K, which is a very doable target i would say, never underestimate the momentum in a bullrun and certainly don't underestimate the power of FOMO, something that drove a good portion of the 2017-18 bullrun. Heres a good example or scenario that is very realistic, say due to this massive shakeout/correction tons and tons of weak hands and newer crypto investors sold thinking maybe this was the end of the cycle, now think about if we started to see a breakout and gaining massive momentum, they are going to get really emotional and feel like they are loosing out, in turn most or all of them jump back into the market at a rapid pace hoping to regain some of the money they may have lost. Then aswell as people who have been on the fence for crypto investing, they see that we are making some massive moves and they also don't want to miss the boat so they all start hopping in! Sounds like a recipe for a huge momentum run and the possibility of a blowoff top! Not financial advice just my opinion!
