James_D

Classic Falling Wedge

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This is my simple analysis. If you remove all thoughts of profit and loss, you're left with a simple falling wedge and a bright , innovative future. We may very well see new lows into October while this pattern completes. However, I do not believe in an extended future for this bear market.
Comment: BTC has broken the wedge and volume is beginning to rise as we head into resistance at 10k. Entering a long now may prove a risky, yet profitable move. Remember, the bear market is still in effect until we confirm a breakout above previous resistance.

Also, BTC has diverged ahead of alt coins which, to me, signals a change in market atmosphere. Usually this happens before and during major moves.
Comment: A failure in the red zone was not unexpected what with the uncertainty still looming over this bear market. Holding 6k is important to create a higher low for the magnitude of the next wave upwards but we do have support for a double bottom in the mid $5000s. It's still got a long way to go before reaching and surpassing 10k. Gaining ground over $8500 should put this market in a good position for the next bull run although we are still looking for greater volume.

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