Bart up to 21k or dump to 11.8k. BTC is reaching the falling wedge's resistance and a decision must be taken. Breaking out of the falling wedge will result in a bart up to 21k. 21k is at a confluence of the fib circle resistance and fib channel.
A rejection from the falling wedge will send the price to 11.8k which is at the confluence of the fib circle and channel as well.
There is a thesis for the bearish and bullish scenario. Bearish thesis is the simplest. BTC is in a bear market and crypto is at its weakest in years, not thanks in part to FTX turning out to be a ponzi disguised as an exchange that whittled traders' confidence in crypto to near zero. A drop to 11k was predicted in the idea linked below.
The bull thesis is as follows. The market was starting a short squeeze in November and the FTX debacle turned the trend bearish with the extra help of FTX and Alameda trying in a last ditch effort to save their ponzi by capitalizing on the bad news and shorting the market with what was left of customer deposists at the last minute. This downward move is therefore inorganic. As a rule of thumb in crypto, all inorganic moves revert to start. An example of inorganic moves is the Xi and Trump pumps of 2020.
A rejection from the falling wedge will send the price to 11.8k which is at the confluence of the fib circle and channel as well.
There is a thesis for the bearish and bullish scenario. Bearish thesis is the simplest. BTC is in a bear market and crypto is at its weakest in years, not thanks in part to FTX turning out to be a ponzi disguised as an exchange that whittled traders' confidence in crypto to near zero. A drop to 11k was predicted in the idea linked below.
The bull thesis is as follows. The market was starting a short squeeze in November and the FTX debacle turned the trend bearish with the extra help of FTX and Alameda trying in a last ditch effort to save their ponzi by capitalizing on the bad news and shorting the market with what was left of customer deposists at the last minute. This downward move is therefore inorganic. As a rule of thumb in crypto, all inorganic moves revert to start. An example of inorganic moves is the Xi and Trump pumps of 2020.
Comment:
Please note how price action reacts when crossing or nearing a fib circle
Comment:
As predicted, look at the reaction to the fib cicles, first a small dip then a pump
