Bitcoin likes ascending wedges. New lows coming soon!

BITFINEX:BTCUSD   Bitcoin / Dollar
Seems like the correction from the 170 low is almost done. We might see one last surge up towards the 240 range, but I think we will see new lows after this, possibly sub 130 if the correct dosis of panic is injected.

The correctional pattern seems to be developing in a regular ABC correction within the ascending wedge . I suspect a breakdown any time within the coming 7 days.

There is good chance this final plunge will be THE final plunge, I believe the previous sell-off could be classified as "panic" category, meaning " despair" has yet to come. after this we might finally see some nice bull run which could last for several months.

be greedy when others are fearful...
2 years ago
Looks like this one didn't quite work out. Do you think we were in a 5 wave instead of your ABC drawn?
moker-X btc4life
2 years ago
though I was expecting a breakdown around 240, seems like the market was not prepared to go down yet. There is a possibility that we were in a 5 wave within the ascending wedge, but we should keep a close eye on the price. Looks like the wedge has been holding, the spike to 258 could be translated to a throw over, a common phenomenon where the price breaks out for a short period of time before going down again.

I would say from here its time to go a bit down, at least as a corrective move. After that, I think we will resume the downwards pressure as I still believe that the bearmarket isn't over yet.

Sub 220 prices after monday seems reasonable.
moker-X moker-X
2 years ago
Looks like we might see another surge up before the correction. Plenty of opportunities in the coming days
2 years ago
epicness about to happen. The coming days are very important, looks like we are reversing the trend and 160 was the bottom. This is not sure though, the coming days will tell us. For now, enjoy the huge volatility we are about to witness.
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