We can see from the chart above that we are at a minor resistance level ; if we fail to break above the downward arrow resistance line out of this falling wedge , I predict further sell-off leading to bitcoin finding a new bottom in the high 4 to 5 thousand range. This would fulfill a rough head-and shoulders pattern that has been progressing for the last few months.
However, if we do break above the immediate resistance, we still have to put up with the greater pattern at hand, the greater falling wedge . So, until we break above the resistance of the current falling wedge pattern, I will remain bearish for the short to mid-term..
Bitcoin is known for doing the craziest things though, and anything could happen. Will this be the swing that takes us out of the bearish pattern, or will she fall further before finding major support?
Let me hear what you think in the comments down below!
Cheers everyone! -FractaLJack
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Nice little pump worth around 84M.. lets see if this carries us out, or if she will be rejected as I suspect might happen.
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So far its a clear rejection
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She seems to be breaking through, give it a couple days and we should see a clear trend reversal or a dump