I'm looking at weekly timeframe. To tell the truth I haven't expected BTC to go lower than June low coz 17.5K was my bottom target as I mentioned in my previous analyses based on my analyses, all history data and more than 100 indicators that flashed bottom signal. Really this time it was different. In any way I think this is the biggest bear trap in BTC history and false breakdown. Now almost 100% expect lower prices even 8-10K BTC, but I think they will miss the biggest buying opportunity in their life and all bears will be rekt as bulls have been doing past couple of months.
In technical point of view, BTC broke out weekly falling wedge pattern as I mentioned in my previous analyses and now it retested its broken trendline. At the same time it touched the lower band of megaphone bullish pattern in a conservative way and can go lower to 14K in a non conservative way. As you see BTC rejected at RSI weekly major trendline and dumped to 15.5K level, if it succeeds bounce back and closes weekly candle above 18.5K it will be very bullish for BTC and weekly RSI bullish divergence will be created as well.
So I expect weekly falling wedge and bullish megaphone pattern to play out and send BTC to the major resistance zone 28-30K in coming weeks.
In technical point of view, BTC broke out weekly falling wedge pattern as I mentioned in my previous analyses and now it retested its broken trendline. At the same time it touched the lower band of megaphone bullish pattern in a conservative way and can go lower to 14K in a non conservative way. As you see BTC rejected at RSI weekly major trendline and dumped to 15.5K level, if it succeeds bounce back and closes weekly candle above 18.5K it will be very bullish for BTC and weekly RSI bullish divergence will be created as well.
So I expect weekly falling wedge and bullish megaphone pattern to play out and send BTC to the major resistance zone 28-30K in coming weeks.
