Accumulating on dips and / or buying a breakout may be a long term winning strategy.
Just keep in mind that this falling wedge may technically allow a price < 40$, even if that's not much likely.
So don't be too eager. If you wish to accumulate do it by buying small lots.
* Weekly RSI about to close under 30, first time since 2015 bottom.
* Remarkable bullish divergence.
* Price sitting on top of weekly MM200, failing to close under it within the last 2 days.
* Falling wedge.
* Chance of a ( rather ugly ) Morning Star sitting upon MM200 -IF- today ( Dec. 16th) close will be over about 3250$.
Scenario is suitable for a reversal,...
Price is sliding on long term support ( previous resistance ) encompassing ATH and August LH.
It may paint a broadening descending wedge between ( red ) "short term resistance" and descending support.
If so a low may sit anywere between here and 5700$ (circa), as long some bullish reaction comes within 2-4 days.
Uncomfortable place for a bearish flag.
Moreover MACD is ugly and lower BB not too far.
RSI on its own support ( channel ).
Only Stoch RSI looks "healthy".
Lately each and every pattern was respected: falling wedge, bullish flag, rising wedge, descending triangle.
Now it's time to either confirm or negate this flag ...
I'd suggest caution here.
Well expected correction from the tough SMA200/D resistance to SMA100/D support.
So far price has found some support onto 0.618 FIB of the last upswing.
Falling wedge and possibily a ( quite stretched ) "interim" bullish flag.
Price needs to promptly react from here and to move towards and above 7800$ area in order to look for a Cup & Handle.
Daily close ( today...