W and wedge pattern bullish reversal bottom? for BITFINEX:BTCUSD by shelby3

W and wedge pattern bullish reversal bottom?

Possible bottom with a W pattern reversal and wedge breakout back to the ~55k level of the breakdown point of this flash crash. C.f. also all the updates on my prior idea which is linked below this idea.

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Dao Khanh, {12/10/21 7:37 AM}
ADA and DOT both are still my favourite.

Shelby Moore, {12/10/21 7:47 AM}
{In reply to Dao Khanh}
Until I release my altcoin. 😉😜🚀

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I see more downside.

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BTC shorts bottomed and increasing again.

Stock markets have bearish gaps that need to be backfilled this week.

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Nasdaq / S&P 500 needs to come down more. That’s more risk off movement, which is short-term bearish for Bitcoin.

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Downside range is ~$42.5 – 45k. Upside is 50.2k before downside is invalidated.

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Exceeded the upside range. Looks like a W pattern breakout headed to $53 – 54k.

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Unclear if backtesting the posited top of W which has numerous possible necklines or if need backtest the huge wedge, which projects up to 58k. In any case, I no longer think there will be a drop below again.

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BTCSHORTS headed back down again. Is it headed to a lower low or just a flag before heading higher?

shelby3

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