Sorry for the typo error in the chart. I wrote both the options as "Option2" Read the description for clarification Hey guys There is a rising wedge that has been formed on the weekly chart of Bitcoin. Two things can happen from here. Option 1: breaking down from the rising wedge now (within a month or two) and going down to 8K -12 K zone Option 2: Touching the upper trendline of the rising wedge in the zone from 68-72k, bouncing back down 8k - 12k zone
Why 8-12k zone? Because the last breakout was from the triangle pattern that ended and retested trendline in this area.
Another proof of the rising wedge, see the weekly chart and see the clear price touching upper trendline of the rising wedge atleast thrice. Will take 2-3 months for this chart to play out.
My trading range: I am only going to start buying bitcoin around 20k area. Until then, i will stay away from bitcoin unless it breaks the upper trendline of the wedge (Seems very unlikely at this moment.
What else supports this idea: Low volume and indicators such as RSI and MACD.
Long term view: Bitcoin is bullish for the long term.
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RSI divergence is further confirmation of retest in progress
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today's analysis.
We are still going to 8k-12k target in a few weeks
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Why I think this falling wedge is going to work? Let me explain it. 1. Firstly, Notice the red trendline: See the point A from where it is starting. Now check the point A on RSI . What do you see? Point A of the red Trendline is exactly the point from where RSI started showing bearish divergence ( RSI started falling from this point, even though Bitcoin's price was rising). It means this is the real top as per RSI . 2. Secondly, this red trendline will result in the formation of the falling wedge . A falling wedge is a bullish sign (You can google it to confirm). Now see where Red trendline is intersecting with the Blue trendline. This is our real bottom for Bitcoin . It will fit in all the bullish scenarios that you can think of.
@Perspective_changer you must be a moon boy calling for $100,000 and clearly have no idea what you’re talking about at all so maybe keep your irrational comments to yourself