As you can see, we are evaluating Bitcoins local structure, in hopes of figuring out what it may do next.
Let’s begin by looking at the top horizontal (yellow) line. This marks BTC’s MACRO resistance, which previously acted a macro support before it breakdown into the bear market. Currently, BTC is trading in a local broadening wedge, as show on the chart. If BTC breaks down from this zone, I expect a move down to the low $24,000 range. If it breaks to the upside of this wedge, I would expect a preliminary move back to macro resistance.
My bias is that it will break down from the broadening wedge, and move down to the $24,000 range. If this happens, we will assess what bitcoin will do next from that support!
Bear flag consolidation Gareth! probabilities point down, but you already knew that!
jozimozi
⋅
great call like always!!
shamgar331
⋅
Structures usually restest their highs, so from the Feb 2023 highs, BTC should restest this area. 25K extremely likely, but I do like 24k as you suggested.Its a nice trade to the down side if we get to 25k at least
jbth1
⋅
Thank you so much Gareth. I do have one question about whether the bottom in this cycle is 15500$ or it isn't? Thank again
Jianto
⋅
@jbth0001, No one knows the exact bottom that's impossible to know, we can only guess