I've drawn some lines of comparison between price action the last few weeks and price action in the early months of 2021. The pattern seems the same to me. The obvious difference is that the 2021 distribution top was preceded by a massive bull market, whereas the pattern of today is preceded by a massive drop in value.
If BTC breaks out of this rising wedge and finds support above it (see purple line with arrow), then this idea is invalidated. If BTC's pumps above the wedge, but the sellers step in and the price starts dwelling back in the wedge, then idea is still valid and more likely to develop as I've outlined here.
If the pattern repeats without any such anomalies, then target is between 19 - 20k.
If BTC breaks out of this rising wedge and finds support above it (see purple line with arrow), then this idea is invalidated. If BTC's pumps above the wedge, but the sellers step in and the price starts dwelling back in the wedge, then idea is still valid and more likely to develop as I've outlined here.
If the pattern repeats without any such anomalies, then target is between 19 - 20k.
Trade closed: target reached:
pretty much nailed it
Comment:
If we close below 19k on 1D, new lows likely
