Bounce found right at bottom trendline of falling wedge:
here is a link to the original falling wedge I initially charted on coinbase: s3.amazonaws.com/tradingview/snapshots/p/Pd3C2oMI.png you can see the bottom trendline when at this trajectory is the exact bounce spot our current price action has found good support at...I anticipate we will move back up to the top trendline of the wedge again before any kind of capitulation. We may test the bottom trendline a couple more times before that bounce towards the top trendline but I personally dont think capitulation will be until after we've bounced down once again from the top trendline of the wedge...however if we do retest the weekly 200ma that may be enough of a bounce to confirm capitulation so I'm still waiting to see how price reacts once we revisit that range which has gone up a little since we first visited it back around the 3.1k area. So for now I anticipate a bounce back up but am keeping this idea neutral because we may do a slow grind downward here and retst the bottom trendline of the wedge a few more times first before we head back to find resistance at the top trendline of the wedge.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.