I know a lot of people think we will drop further. Some names like Philakone and even my buddy Krown. However, I personally think that this is it. If anything, we'll double-bottom @ 8K but I don't see us breaking down to 7600 - 7800... and this is why :
1st - I'm a pattern trader... So I'm going to trade the patterns.
>>We see a LARGE falling wedge (RED) with 3 point support touch.
>>This wedge can create a LARGE inverse H&S.
>>Inverse H&S on the RSI
>>Bullish Divergence on the RSI
>>There is a LONG TERM support line directly below that algo bots will defend (look @ picture below on comments to see where it starts from).
>>We have 0.382 Fib Level Support @ 8K
>>Double-Bottom Support @ 8K
...but wait... there's more!
I also take into consideration that the market is, for the most part, bullish. They believe that once we hit 7600-7800 that BTC will moon and have already begun accumulating long positions... but with that being said, that means that no one is accumulating short positions.
So... selling pressure will die out and we'll break upwards that will trigger a FOMO rally for this next leg up to 11,000 - 13,000 $. I believe whales also know this and are accumulating now / may make it look like it'll dump down but in the end will push the price up and leave everyone twiddling their thumbs trying to 'catch the bottom'.
#ProTip - Stop trying to buy the very bottom and sell the very top.
With this being said... I am bullish.
-Wolfie
1st - I'm a pattern trader... So I'm going to trade the patterns.
>>We see a LARGE falling wedge (RED) with 3 point support touch.
>>This wedge can create a LARGE inverse H&S.
>>Inverse H&S on the RSI
>>Bullish Divergence on the RSI
>>There is a LONG TERM support line directly below that algo bots will defend (look @ picture below on comments to see where it starts from).
>>We have 0.382 Fib Level Support @ 8K
>>Double-Bottom Support @ 8K
...but wait... there's more!
I also take into consideration that the market is, for the most part, bullish. They believe that once we hit 7600-7800 that BTC will moon and have already begun accumulating long positions... but with that being said, that means that no one is accumulating short positions.
So... selling pressure will die out and we'll break upwards that will trigger a FOMO rally for this next leg up to 11,000 - 13,000 $. I believe whales also know this and are accumulating now / may make it look like it'll dump down but in the end will push the price up and leave everyone twiddling their thumbs trying to 'catch the bottom'.
#ProTip - Stop trying to buy the very bottom and sell the very top.
With this being said... I am bullish.
-Wolfie
Note
Clearer view of the long-term trend line.P.S. It's touched like 3 or 4 times.
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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.