spreck
Long

Possible BTC recovery signs??

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             : DAILY

Are we seeing a the clouds clear up??

If we fill out all of these scenarios we may see some serious recovery happen over the next month as we approach the tip of this wedge .

I am seeing a Head and Shoulders pattern possibly fill out here pending some ideal conditions:

- Stoch RSI double bounce, cross, and separation due to oversold condition signaling bullish movement upward.
- RSI staying above or bouncing off of 32 level and increasing strength into the bullish zone.
- And most ideally, a MACD crossover as close to, if not on, the Zero line. I see this consistently, MASSIVE bullish movement after a MACD cross ON the zero line.

Oooooofffff course....... it could very well break out below the wedge , but that's not a happy thought. Plus I prefer to make rockets on my charts, not missiles =)

The price might bounce off of the $7510 resistance, but will likely hit the $6950 to $7000 range before it begins recovery, this is kissing the current trend line as well as a strong resistance intersection point.

Assuming these conditions are met and the price doesn't jump off of a cliff             , we need to see some consistent closes above previous resistance lines, and hopefully we will see a positive breakout of the wedge come end of March or beginning of April.

However, if it drops below that trend line , the next identified support is at the $6100 to $6200 range. Fingers crossed that I will not have to reevaluate due to those conditions.....

I seriously put a lot of work into my rocket.

-Spreck

Standard disclaimer: This is not financial advice, just ramblings of some dude that likes looking at, and drawing on graphs.

Comment: Addressing my obvious screw up.

Great job! :)
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Damn dude, you were pretty spot on.
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Very interesting!
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