Charts look as if we could see a significant bear market rally. This is a basic falling wedge pattern and the measured breakout seems to top out at the .618 to .65 golden pocket (fib retrace). It hasn't started breaking yet, this is just what could be. Interesting none the less. It could always break lower and paint a longer wedge.
Did it test resistance as support and ready to go up?
TechniBlock
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@HHSPN, Sure looks that way but could continue down creating longer wedge. We are due for some kind of rally but FED raising rates has scared people out of risk assets. I started buying back in for the first time since June of 2021 when it drops below 20k. I think in the longer picture we see lower prices. Would be nice to enjoy a bear market rally...
HHSPN
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@TechniBlock, with stock market tanking I'm guessing money will shift to crypto to start that bear market rally.
TechniBlock
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@HHSPN, That inflation number was a mess today. These markets are a dumpster fire.