Still inside this falling wedge. Price stopped at a key junction (Long term trend line and the Weekly 200MA). Price is at 19 (oversold) on the RSI. Would be good for bulls to break upwards with large volume. May need one more flush out/spike down first.
Price is still inside this sloping triangle formation - stopping at a key junction (Long term trend line and the Weekly 200MA). Price is at 21 (oversold) on the RSI so I would expect at least a bounce up towards the top of this triangle @6200-6400, where bulls may be trapped once again, or even to meet the 200 Daily MA which currently sits around 7000. A ...
Now the bubble is bursting, the first obvious landing zone is between 1850 and 2100. This would mean a 33% decline from ATH. I am actually predicting something a lot more catastrophic however in the medium to long term.
Where does price react, join the lines, where do they all lead... 21st November. Pretty pattern, will BTC escape the pattern before then, and in which direction? Is this just one massive bullish pennant? Comment your thoughts below.
Price action has taken us out of the recent descending wedge to the upside. Right now sideways consolidation in action, and it would be a great sign to see BTC rise and close above the key moving averages. Long term bulls will get excited with a close above the 200 day MA in particular
Here I'm using key trend lines and most importantly the 78.6% fib line to predict price action in the coming months. If we compare to the dot com bubble of the early 2000s, the key level of support there was 78.6% so why not the same for Bitcoin (internet 2.0!). The safest move is not to catch the falling knife but wait for a strong V shape with new higher highs ...
I drew Fib channel lines that Burst price seems to have reacted to without fail since the huge pump in 2017. As far as I can see it is now out of that down trend and looking bullish. Thoughts?