BTCUSD (2018-02-01) - a tale of two wedges

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
hello folks, it seems like bitcoin             has taken a nose dive, but taking a step back, there were already suggestions (via TA and FUD) that bitcoin             would take a dip. the dip was more than i expected but it certainly became more possible over the past couple weeks.

BUT now i'm looking at these two falling wedges . for the next week i'll be estimating that price will stick around the red circle, around 7900. this is a level of support based on past price. if it breaks below, i'll be drawing an even steeper falling wedge .

this is initally bad, as most people are bullish on the price, but steeper falling wedge , to me, means that price will more easily breakout and up.

one thing that does not look good for a bullish move in the next month, and suggests, at least to me, that the price can break lower than 7900 easily is the volume . the volume has been steady during the retrace and only now, there was a volume spike. to think about this, it seems a new set of people have finally tapped out and have officially started sweating this retrace.

any comments or ideas to build upon or break down my idea is encouraged and appreciated.

A a more long term idea, (next couple months), is the green falling wedge i drew out. price will likely stay underneath the top of the green wedge , and i can see the price going sideways for february/march in this range IF the price doesnt' break lower than 7900.
if the price can stay in this range. alt season can continue. (jan-march??? normally? if someone is knowledgeable in past history of alt seasons and the crypto market cycle, some feedback in this would be appreciated)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out