- Currently forming a bearish rising wedge on lower timeframe
- RSI still nearly overbought
- Stoch RSI sell signal
- Fear & Greed Index shows Greed: alternative.me
- A lot of people on CT already buying the dip
I honestly think this correction isn't over yet!
$BTC showing some mixed signals.
Probably going to liquidate all shorters before going down.
- Higher lows
- Possible inverse head & shoulders
- Broke down from the bearish rising wedge
- Price goes up, volume goes down
- Still below major resistance
Biggest retracement in 2014 bear market was -85%.
So far -80% in 2018 bear market.
I believe Bitcoin will find its bottom at ~2.5k / 3k before trading sideways for a while. Also, Block Reward Halving and ETF could give it a huge boost before the chart turns bullish
BTC weekly log scale
Comparison between 2014 and 2018 bear market:
- History repeats itself
- Forming a descending triangle
- Needs a reversal pattern for trend reversal (double bottom)
- 85% retrace from all time high
For more updates follow me on twitter:
Looks like we reach the 20-25k soon! But what's next?
Hitting again the resistance from the parabolic curve could lead to a massive correction! We saw this already 2 times before.
Afterward, we might see another bull run to 30-50k!
Ardor heating up for wave 3. However, we could see some more correction in the yellow rectangle (especially with BTC volatility at the moment). Ardor is one of my favorite projects and has main net launch at 28th of december. www.ardorplatform.org
If BTC doesn't break this resistance it might develop a falling wedge which should lead to a pump on 9500$ (Point B). After that we could see more correction down to 6500$ (Point C). However, BTC is a bullish bitch and doesn't like to be bearish. If people keep FOMOing we could skip Point C and rise directly to moon!