DrDovetail

bottom may b near + potential fllng wedge fakeout on 1 wk chart

BITMEX:XBTUSD.P   Bitcoin
there is a clear falling wedge pattern on the weekly bitcoin chart. We have now also clearly broken below it, however many falling wedges will have fakeout breakdowns just before 180ing and climbing back into the wedge just before its apex to break upwards....this can also still happen here...not saying it will but it's certainly something to consider...if it were to break above the falling wedge at or before the arbitrary location I have marked here on this chart then a confirmed breakout above it could take the price up to over 8k. Of course there is also a small percentage of falling wedges that fail and break downward and this could always be one of those but I thin if the bottom isn't already in, which it is likely not...it is very likely near and the bottom horizontal line I have on this chart is my presumption of what will be the bottom zone..of course its never wise to call the bottom it's best to rely more on higher high/higher low patterns for buying and lower low/lower high patterns for selling. Either way this continued bear market is still a great opportunity for accumulation so I have all the patience in the world for the bull market to arrive as its gonna be much harder to accumulate on the way up requiring buying more instead of as much accumulating more with the amount I already have by selling and putting it back in at the right times. So yes, I ahve all the patience in the world for the bullrun because I know it will becoming soon enough.
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