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As I can see, now price trades inside rising wedge. This is bearish pattern as you can known. But the pattern, frankly speaking, is not quite clearly visible. This is something similar to classic rising channel from books. I think price still can sometime trades inside pattern. But at the end I think price will go lower and exit downward from wedge. First support level and target is level 28000$ and second support/target is around local low 25400$.
I expect this scenario, so be prepare for next movements. Thanks for your time, we hope our work is good for you, and you are satisfied, wish you a good day and big profits.
ummm...ummmm....there's an inverse H & S developing on BTC 4 hour...that, and...DXY is painting a bearish pattern on the daily....I'm thinking short squeeze first to 34500
AgentJRock87075
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@jimmythis343, Theres a H&S forming on the DXY. It looks to be on support right now and should get a bounce to build the second shoulder. There are so many conflicting signals going on at this time across the market. Everyone is expecting a bounce. It will be interesting to see if we get a long squeeze. If not that 35k should play out. Is there a chart that shows the longs and shorts on stocks/cryptos that you know of? Im always guessing at that stuff.
jimmythis343
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@AgentJRock87075, you mean short squeeze?...I'm guessing we get a bounce around this area because of all the USDT that's been sent to exchanges recently. On chain analysis says whales about to buy this dip...fear and greed at 8?...damn man...they got everyone shaking in their boots.
jojofang0901
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possible more downside, will wait and see
CatTrap
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20K incoming
ruraldisturbance
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@CatTrap, 200 MA is above 20k so I could argue its not going that low based on the past two bear markets.
yonsfx
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Thanks Michael
script051
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If we reach target 2, the price will most likely make a fake breakout !
UnitedSignals
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Thank you for the detailed review!
TheSignalyst
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I agree Mike! let's hope for a deeper bullish correction