Lots of folks are talking about how the BTC chart is bearish, as it tries to break support at around 31.2K. But I see something different. When I look at its chart, I don't see a Descending Triangle. I see a strong case for a Falling Wedge, which is a bullish pattern, and is confluent with the pattern and expectation created by the Wyckoff Accumulation pattern that is playing out almost perfectly right out.
While there are wicks that are being used to draw the bottom of a Descending Triangle, there are stronger support and resistance points to plot within the Trading Range that form a Falling Wedge, which shows price actions constricting as it descends. BTC is, right now, making a run against the meeting area of the bottom of the Wyckoff Trading Range and the bottom of the Falling Edge. It should do what it's done 4 times before and respect the bottom of that wedge and climb up. I say this because it's applied more pressure to the TOP of the wedge than the bottom, which also signals it should eventually break to the upside.
If it doesn't and makes the lower low, then what would confirm the concern I had in previous posts that the "Spring" from before had too much volume to be a successful test Spring, and the movers are making another run at liquidating more paper hands.
To me, I'm watching whether BTC breaks below 31.2K.
While there are wicks that are being used to draw the bottom of a Descending Triangle, there are stronger support and resistance points to plot within the Trading Range that form a Falling Wedge, which shows price actions constricting as it descends. BTC is, right now, making a run against the meeting area of the bottom of the Wyckoff Trading Range and the bottom of the Falling Edge. It should do what it's done 4 times before and respect the bottom of that wedge and climb up. I say this because it's applied more pressure to the TOP of the wedge than the bottom, which also signals it should eventually break to the upside.
If it doesn't and makes the lower low, then what would confirm the concern I had in previous posts that the "Spring" from before had too much volume to be a successful test Spring, and the movers are making another run at liquidating more paper hands.
To me, I'm watching whether BTC breaks below 31.2K.
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Update: After a crazy dumpy day, Bitcoin DID TEST 31.2K, and that held as expected.