The BIG FAT DBW - BTC to $4K then to $20K+

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Not sure how many people have noticed this, but there is a massive descending broadening wedge quite evidently formed on the daily and it is validated.

The upper resistance has been hit twice, along with the support line being hit twice, all of which is showing exactly what's needed to confirm a broadening wedge , lower highs and lower lows.

Hitting the support line one more time, is the moment I would go long, whether it is at the $4K region or not, one more hit to the support line, is my signal to GO LONG!

The $4K region is a previous heavy support and resistance .

Hitting the $4K range, should also help reset the monthly RSI and I would like to think it would be a very healthy correction for BTC . Or it might actually just scare the hell outta all of us and it will take many years for BTC to recover, but recover it will :)

Just my noob opinion, take it with a pinch of salt!

Comment: Do not consider the timing shown.
Comment: Update:

Added the 350EMA along with the rising dynamic (purple line), where they are converging as I type. But the rising dynamic is of more significant as it based on the last 2 major lows, of 2/6 and 9/15, it may have a strong bounce from there too, also not forgetting the 6K region of the previous low 2/6 as a heavy support region where it could just form a double bottom and be on it's way up.

...But I still feel it going for 3.5-4K to complete the big DBW.


Comment: Clearly this wasn't the big DBW as it's broken out from the downtrend trend.

Closing this idea.

Until next time!
Order cancelled
Noice! Hope you’re right.
+2 Reply
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