How low $BTC can go? Falling wedges is forming in Bitcoin chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
From my drawing in the past, BTC retracement has never closed lower than 0.382 fibo support of the previous wave. This might be the first time BTC may touch 0.236 ($8800)

We are in the falling wedges , and if BTC support is high, we could break out at (1 - follow yellow) or we will continue to bounce in this channel and attempting break out again at (2 - orange), if not the bounce will continue and last attempt at (3 - red).

Please note that from my knowledge, the break out at (2) is unlikely to happen, if we will miss breakout (1), we will have to wait for the next one at (3)

It is unlikely that BTC would go to 0 fibo support which is $5300, meaning to neutralize all the end of year surge.. but who know?

After this retracement end, the BTC journey to 30K+ will begin.

That is my novice analysis, please don't believe me or anything I am saying here, and I am not the proessional trader nor financial advisor.

Good luck
Comment: Testing first resistance..


Resistance was not broken - psychologically take the whole market down together.

BTC gonna form sub falling wedges if it can't break this resistance again with in 23 Jan
Comment: BTC failed to go to Point , expect bounce in smaller channel.

But if similar pattern from the previous month is complete.
Area between Point 2 can still be expected

Comment: Beauty of graph

Will BTC break this resistance and head for next one?
BTC seems to form a similar pattern of the previous month...

If the pattern doesn't complete the bounce channel will be much smaller.
you idea is true!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out