Bitcoin is still in bearish trend. Reversal Pattern Falling wedge was invalidated on 13 June. Since then it was in Bearish Flag that continues on 26 August. Now it is at confirmation. If the confirmation - staying below ca. 22000 for next week will be completed the down trend will continue.
Breaking out of falling wedge need at leas 23000 and staying for a week above 23000
I don't think you've got the right wedge drawn on your chart, see the wedge / pennant I've got drawn on my chart on my published idea below:
viparmenia
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@GDuBFX, your wedge is too big an have two touching points on upper trendline without touching lower line in-between.
GDuBFX
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@viparmenia, it doesn't have to touch the lower line before touching again, there is no rules around this. You don't "make it fit, you just connect the highs and lows that the price sets with a trendline.. On your wedge you are not connecting the lows, you are starting your wedge from a point that is not a low.
Also there is no definition on how big the wedge can / can't be.. take the emotion out of your trading and don't try to make it fit your sentiment. Go with the flow of what's happening and don't have any bias. I believe that the price will go up because what is happening on the chart.
Bearish bias is suggesting that the price will break down from a long term term trend that has been in place since 2013. As the saying goes... "trade with the trend and not against it".
GDuBFX
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@viparmenia, also it would be suggesting that price will break down below a very strong resistance level of the 2017/18 ATH, so again, as they say, resistance will now turn in to support. Do not ignore this.
GDuBFX
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@viparmenia, see the long term trend you are suggesting it will break down from and also see the other historical wedges, they are roughly the same size as this 1.
GDuBFX
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The weekly RSI has been oversold and has now found support on the RSI moving average which shows bullish momentum. Does the weekly morning star candlestick pattern look bearish to you also?
GDuBFX
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This is a possible alternative scenario, but for it to happen, it needs to go up first:
GDuBFX
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If that happens, we will be looking at prices of between $3,000 - $6,500, so is that where you see the prices going?