Hello everybody. Welcome to my update analysis on Bitcoin. As I said in my previous post we are a falling wedge and we are approaching the apex in the next few days. My initial thought was that we will go down to 6000 where we can expect massive support from the 6th february low. However we do not necessarily have to reach that exact spot. Looking through the order books on various exchanges i actually found more support in the 6100-6300 region. But it doesn't matter that much anyway. The important part is to confirm the bottom of the wedge and reverse to the upper boundary.
The reason i publish a new idea on this is because i missed a key part in the last post: The trendline established by ATH and 5th of March, shown here in red, is within reasonable touching distance. The height of the wedge's baseline is 1.7k. It's common to rally that much, when a wedge completes. So if we can get the timing right, we might have enough boost to cross that trendline. For that to happen it's good if we keep on moving sideways, as we did yesterday and as we are doing right now. While yesterday we moved in a narrow channel between 6600 and 6900 it looks like today we are bounded by 6500 and 6670. I don't expect something else to happen today. Spring arived today where I live, so i'm going outside and enjoy the sun.
cheers
The reason i publish a new idea on this is because i missed a key part in the last post: The trendline established by ATH and 5th of March, shown here in red, is within reasonable touching distance. The height of the wedge's baseline is 1.7k. It's common to rally that much, when a wedge completes. So if we can get the timing right, we might have enough boost to cross that trendline. For that to happen it's good if we keep on moving sideways, as we did yesterday and as we are doing right now. While yesterday we moved in a narrow channel between 6600 and 6900 it looks like today we are bounded by 6500 and 6670. I don't expect something else to happen today. Spring arived today where I live, so i'm going outside and enjoy the sun.
cheers