BTCUSD Massive Descending Wedge , Similar channels & DCA Strat.
Since it feels like it has been ages since Bitcoin set its current ATH during November of 2021.
U either completely lost interest in crypto altogether and are working at Mcdonalds or you're looking for every opportunity to set yourself up for success for the next bull market.
It has only been quite recently that bitcoin started to show some signs of a potential reversal again.
With some rumors going around that the bottom is in, I decided that a TA reevaluation and a DCA strat was necessary.
While analyzing the massive Wedge pattern of BTC on the weekly, i spotted some interesting similarities.
1. Channel formation
2. Swing lows/highs
3. Green channel touch points
4. White dotted resistance
5. Chart <> RSI + MACD
While drawing / highlighting 1, 2, 3 and 4 in ZONE A, it becomes quite obvious that these changes can also be applied on ZONE B.
If we take this a step further by adding some indicators like RSI and MACD.
It becomes quite clear that this same workflow can also be applied to the indicators.
Not only do ZONE A and ZONE B look similar structure wise, they also share horizontal value levels unlike the chart.
Using these findings, a prediction can be made for the unfinished part of ZONE B.
If BTC decides to follow this prediction i will be transferring some BTC profits to Alts since i am not confident in Bitcoin breaking its red trendline any time soon.
IMO a scenario like 2. is much more likely given the current circumstances were in.
1. People/Retail need to forget about Crypto / Bitcoin again (to eager to buy the dip)
2. We need more boring sideways consolidation
3. Recession FUD
4. Political climate
5. Halving Cycle
If BTC gets rejected after completing scenario 1., i will be looking to DCA around 18k - 20k.
Finally, I predict btc to break out around Dec - Jan.
Which would perfectly match a RSI Wedge outbreak on the Weekly supporting this prediction. -> https://ibb.co/nmhtFpz
Stay safe and good luck DCAing.
U either completely lost interest in crypto altogether and are working at Mcdonalds or you're looking for every opportunity to set yourself up for success for the next bull market.
It has only been quite recently that bitcoin started to show some signs of a potential reversal again.
With some rumors going around that the bottom is in, I decided that a TA reevaluation and a DCA strat was necessary.
While analyzing the massive Wedge pattern of BTC on the weekly, i spotted some interesting similarities.
1. Channel formation
2. Swing lows/highs
3. Green channel touch points
4. White dotted resistance
5. Chart <> RSI + MACD
While drawing / highlighting 1, 2, 3 and 4 in ZONE A, it becomes quite obvious that these changes can also be applied on ZONE B.
If we take this a step further by adding some indicators like RSI and MACD.
It becomes quite clear that this same workflow can also be applied to the indicators.
Not only do ZONE A and ZONE B look similar structure wise, they also share horizontal value levels unlike the chart.
Using these findings, a prediction can be made for the unfinished part of ZONE B.
If BTC decides to follow this prediction i will be transferring some BTC profits to Alts since i am not confident in Bitcoin breaking its red trendline any time soon.
IMO a scenario like 2. is much more likely given the current circumstances were in.
1. People/Retail need to forget about Crypto / Bitcoin again (to eager to buy the dip)
2. We need more boring sideways consolidation
3. Recession FUD
4. Political climate
5. Halving Cycle
If BTC gets rejected after completing scenario 1., i will be looking to DCA around 18k - 20k.
Finally, I predict btc to break out around Dec - Jan.
Which would perfectly match a RSI Wedge outbreak on the Weekly supporting this prediction. -> https://ibb.co/nmhtFpz
Stay safe and good luck DCAing.