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andypro16
Mar 16, 2023 3:53 PM

The weekly chart really looks horrible Short

Bitcoin / U.S. dollarBitstamp

Description

The bitcoin price chart looks like a standard breakout-retest pattern indicating the bear run in the next few years.

Take a look at the daily timeframe. The highest point of the wick is exactly at the previous long term support line (which has turned into a resistance), which prove the validity of the long term support line that I have draw.



The next support level is at ~$5500 to $6000
Comments
Ben_vouh
brilliant!
averkie_skila
@Ben_vouh, Well, we don't know if it's him yet... But the suspicion is high that it's a brilliant, yes. There are death crosses on the weekly chart. But since there is some upward movement reserve on the hourly and daily charts, there is a kind of stomping in place. Cluster Algorithm shows a giant overbought on the weekly.
clevezarri
Nice, set up
stanosky
What's more, it forms a giant rising wedge:
Plastic_platapus_430
@stanosky I don't see a wedge
stanosky
@Plastic_platapus_430, Everything is drawn in the screenshot in my comment. The big green wedge stings all the way to the eye, so if you still don't see it, then you have something wrong with your computer or you should replace your glasses with new ones.
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