Here's a quick update on BTC 4 hr chart. As we can see the price has dropped a lot the past few days and it seems like 31k is a very strong support with bunch of buy order stacked at that zone. It is very possible that we see a much bigger triple bottom reversal very soon. The case is as shown in the chart about the triple bottom reversal - the target for this triple bottom reversal is all the way at 50k!! It seems like 30k was the bottom! Tho if we break 30k then expect 18k.
Also a point to note is that the RSI is in a zone where it tends bounce every time it gets there. We are looking for a big reversal soon!
And keep in mind that S&P 500 hit new ATH few days ago. And BTC has been very correlated to S&P. ------------------------------------------- If you like the content, then make sure to comment and like the post :D
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Disagree...thats a rising wedge... wave 1 of 5 down...wave to correction yes....hard bounce....not hardly...this market wont go bulish until the longs are liquidated
MBM_Crypto
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You have the right to disagree - but a rising wedge??? Where do you see that!? Please show me
Thx for the comment :)
jbrad99
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Maybe a Decending Triangle as a Tripple Bottom Can look like a Decending Triangle, but IMO there are not enough touches to the top trend line yet for this to be confirmed as any type of triangle pattern.
In fact to me this looks like a Classic Tripple Bottom, the next touch to the top of this upper trend line could very well break that resistance, with Breakout and Confirmation at the upper trend line around the .786 fib levcel (~36.6K) we could very well retrace to the upside making a play to the .5 (~46.9K).
A closure at these levels would be a trend reversal up to Weekly time frames but on a more Macro Monthly Scale this still looks like a pretty typcical Bearish Continuation Pattern. If that plays out on a monthly this would ultimately implies more downside for a longer period of time.
Move with the market
Everyone is waiting for the btc on the 20,000 channel
Rae_Crypto
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Hopefully i also believe we will leave the 30k to 40k range elites/whales accumulated big this trap but if gold us30 goes down and dollar index goes up i think we will dip more lets see i am holding hopefully recovery soon.