Falling Wedge pattern usually breaks to the upside between 55-80% of the pattern. I've narrowed it down to between 62-77% on the chart to try to hone in on the date. If the pattern plays out, we would expect a break out between December 18th and February 19th. I would expect us to break to the upside to at least a measured move of $9200. Pattern could also fail and break to the downside. If we take a measured move to the downside, it would equate to 0. Failed falling wedges sometimes break down and curls around the entire pattern before it goes back up.
As mentioned, I expect us to go up due to the pattern at play. Multiple factors signaling a bottom of $4400-$5000.
Falling wedge pattern lines up with support and resistance from 2017.
Fib Retracement from beginning of bull run in 2017 of $920 all the way up to ATH has the 0.786 level, which is the last level on the fib chart at $5,000
Fib Extension from High of 10k down to previous low of $5800 back to 10k, puts the 1.272 level right at $4600, in between support and resistance. The 1.272 level would play out an ABCD bull pattern, with C being the high at $8500 which is the 0.618 level of previous high.
Trading volume between $4900 - $5700 is nonexistent which if the $5700 low fails as support, we could end up in free fall down to 5k.
Could expect wicks and perhaps capitulation below $4400 all the way down to next support where trading volume is high and confluence on the fib extension level 1.618 is.
RSI symmetrical triangle broke to the downside suggesting further downside. A touch of support on the RSI as shown could signal an excellent buying opportunity.
Lastly, we'd be looking for a 5th touch of the pattern (3 touches on one side and 2 touches on the other) for us to break out. For a bullish pattern, it helps that the 3 touches are on the bottom of the pattern.
I hope you all find value in this chart! Feedback is welcomed and thanks for checking it out!