Just another idea for where the next bull market might take us and when.
Clear rising wedge with decreasing bull volume. I wouldn't go long here.
Cautiously Optimistic. Loaded up to bollocks on $BAT. Prepared to cut if we fall back into the wedge.
Rounded bottom until March/April 2019 then $80-$90k top?
Neo was extremely oversold, down 90% from the highs. Looks like a classic resumption of the trend to me. One of the stronger candidates if we have a mini alt season in July. Big IF
Just made this for fun. There's a reasonable chance that the $20k top was the final high of the 5 part cycle, in which case we could very reasonably test $1k again. Wave 1: June 2011 at $28, Wave 2: November 2011 at $2 Wave 3: China bubble of 2013 at $1100 Wave 4: Bottom of China Bubble 2014 at $170 Wave 5: 2017 'hodl' Bubble at $20K There's also another...
I'd say a wash out to 5.5k is most probably, followed by correction back to 6.6k - 7.8k. This is a good place to start stacking buy orders.
See my link below, rough idea of how this might play out.
Red line is logarithmic bull line for all time. BTC has never broken this trend. Yellow dotted lines are local support levels. Diagonal wedge in green dotted line (we've never closed below this during 2018, might do today). I'm thinking we do a fakeout to 5.8k, come back up and pop to 7.9k, before mosying down and slow bleeding to 4.6k - 5.1k til September...
We're looking similar to the April lows. Could break either way, but will likely do with conviction. Trend still bear, some indicators suggesting a reversal. Neutral for now.
Its worth noting that technically on a closing basis, this falling wedge is still totally valid. I wonder if the falling wedge idea will create enough bullishness to bring us up to the 7.8k - 8.1k range? You can't help but notice how abysmal the sentiment is right now. Everyone's calling 3k. Shorts approaching highs again.
If we play out like the 2014 bear then we could see a pop up first before the long slow bleed down to 2.5k. No idea where the market is going pure speculation at this point.
C&H is continuation pattern not reversal pattern, so might be less meaningful here. Target could be the 8400 resistance area.
When everyone expects something in crypto, it doesn't happen. Everyone expected $1tril marketcap high - didn't happen. Everyone expected $10k to break and retest the $11.8 - didn't happen. Everyone expected consensus to be a mini alt season - didn't happen. Everyone expected 6th of June to be the reversal as previous months - didn't happen. What is everyone...
Oversold RSI and a bullish divergence. Also down 7% in 24 hours.
Note the .618 also lines up with the start of this run. RSI and stock RSI looking good for a bounce here, If we get above 10k then the 11500 resistance should get a retest, Breaking 7800 would likely see us back to the 6500 lows, and 3rd time is more likely to break to new lows. As per so many times recently, the next few days are pivotal. Leaning bullish.
If you ignore the weekly panic wick down to 5.8k, its looking pretty legit for an inverted H&S. Could still go either way at this point.