On the Renko chart, you can clearly see that Bitcoin is in a falling wedge, but what I want to note here is the volume based on price level.
A way to think about this chart is, there has been more volume in the smallest amount of price range since Bitcoin's all time high.
Now this could mean that its just a very large stepping stone, right before capitulation, where most people think it is a bottom. I see this as somewhat likely, and wouldn't be surprised to see as low as $4500 in the coming weeks.
However I have to assume that based on the trends, volume profile and overall sentiment that we will see a bounce soon before continuing the bear trend.
A way to think about this chart is, there has been more volume in the smallest amount of price range since Bitcoin's all time high.
Now this could mean that its just a very large stepping stone, right before capitulation, where most people think it is a bottom. I see this as somewhat likely, and wouldn't be surprised to see as low as $4500 in the coming weeks.
However I have to assume that based on the trends, volume profile and overall sentiment that we will see a bounce soon before continuing the bear trend.