Ascending triangle reversal. Ideal scenario is a close below 4800 creating a bullish divergence on RSI to match the bullish Reversal pattern. MACD will bottom if the pattern holds. It is the most negative it’s been since the drop after the 2017 bull run. If this ascending triangle holds, I believe this is THE bottom. If not, 3500 is the next support and I’ll watch and wait at those levels
ascending triangle = bear pattern. not bull pattern.
we already double bottomed at 4330 and 3900 so how are you saying 4800 is THE BOTTOM???
i dont understand, explain if you have something.
i also see 3800 as the next support line below 4200, which it just bounced off of and is now retracing downwards.
either this downwave is going deeper to hit true bottom (imo 3800) or it will play a few bounces before doing so.
there are still ~3k level futures gaps unfilled as well, and while we're in the trading week and this low it is an ideal time to fill them.
that will be very good long term for btc health when we get back up. stronger support layers.
anyway thanks for analysis!
Matewan3291
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@Efpi, as I’ve titled it, this is they bull scenario. Right now my bias is more down, but you have to keep eyes open for the bull option when things become oversold you this degree, or else you will miss a potential once in the life time opportunity
Ascending triangles are typically continuation patterns but are also reversals when found at supports/resistances. If you need a recent example, look at the stock MNK. I posted it a few months back.
Yes 3800 is the top of the support layer that we have already tested, but if you look deeper into that support area, you will find more price action around 3500. Since we have already tested the 3800 I suspect we go a bit lower the second time around, still at the same support.
This is the bottom IF this pattern holds true Over the next few days/week, but again, I suspect lower. Also, just an aside, there is a particular way to “challenge” others in their ideas, and this was not how. Pose questions, not demeaning opinions
ezpi
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@Matewan3291, thanks for the answer.
Youre welcome to communicate the way you wish, as I will communicate the way I wish.
Cheers.
we already double bottomed at 4330 and 3900 so how are you saying 4800 is THE BOTTOM???
i dont understand, explain if you have something.
i also see 3800 as the next support line below 4200, which it just bounced off of and is now retracing downwards.
either this downwave is going deeper to hit true bottom (imo 3800) or it will play a few bounces before doing so.
there are still ~3k level futures gaps unfilled as well, and while we're in the trading week and this low it is an ideal time to fill them.
that will be very good long term for btc health when we get back up. stronger support layers.
anyway thanks for analysis!