Bitcoin Continues Down Falling Wedge

If you've read my previous posts, you'd know that I've been primarily tracking a Falling Wedge that Bitcoin has been in. Despite all of the noise, that's all it's been doing since May. It's had 11 touches to its top resistance line and 4 to the bottom support line. I have also drawn a resistance line above the wedge, and what becomes evident is the 4 times in this Accumulation phase that Market Movers have tried to fake us out to the top.

One notable difference in my chart here is the "ST in Phase B" designation where I was previously calling the "Spring." Honestly, we won't know which it is until BTC makes its next move. If that WAS the Spring, then we should see a move to the upside in the coming week or so. If it wasn't the Spring, then we should expect a Spring and have bags ready to buy up 28K Bitcoin.

So what does this mean? It means that fundamentally, nothing has changed for weeks. Whales are accumulating, paper hands are getting wrecked, and short attention-span traders have changed the channel.

All by design.

We've stuck with it this long. Would make no sense to miss the pay-off, and it's going to be soon.

Comment:

BTC FINALLY broke out of it's never-ending Falling Wedge today. Volume is low, however, so let's see if it doesn't creep back into it. We're looking for a successful back test, flipping the Wedge resistance line as support.