UnknownUnicorn908250

BTC and the partial decline of a broadening descending wedge

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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7
Ideas are written on the chart. I don't think the bottom is far away at this point. There's been enough acceptance of cryptocurrency as a legit asset class. There's just not much to work with, besides speculation, as no projects have really had success. Save Dan Larimer, that man is a genius, http://www.blocktivity.com

There's also been some bearish news, but now we find that a lot of the bearish momentum has been by the mt gox settlement trustee, selling off 400+ million worth of bitcoin in 6k chunks. Apparently there's about 165k BTC left to be liquidated, which would be devastating. I imagine the CBOJ will step in and offer liquidity instead of allowing this to continue to crash the market, but we never know.

Other than that, we are staring at an overly bullish pattern playing out like it should. A broadening descending wedge looking like it will be fulfilling the partial decline before breaking out. I recommend reading about both patterns here.
Broadening Descending Wedge
Partial Decline
Comment: We already have bullish divergence, so I'm personally thinking the bottom isn't far off.

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Comments

Great analysis man. Looks like the whole market is cup and handling right now
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Cup and handle fractals
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