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Bitcoin making a small wedge, going for 6400 and than up to 7300

Looks like Bitcoin is making a wedge here, probably ending this big wave down from the 9K. It's not there yet, but if volume keeps on dropping while inside this wedge, and price goes for another low around 6400 but to at least 6600/6650. Most reliable would be a fast drop now and than slowly crawling and turning up if the low would be at 6600ish are a fast V shap if we drop towards 6400.

With a low at 6400 volume should increase around that low and when the low will be around 6600 volume should increase at the breakout.

My longer term view are still much lower prices, have been targeting 4K,6K,7500 for more than a month now. But markets work in waves (usually), so if my plan works out and it becomes a wedge, we should expect a sideways weekend. First target should be around 7300. But ideally it would go towards 7800/8200

Again, we are not there yet, so this pattern could turn into anything, but i guess this would be the most logical at the moment

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Price should stay below the 6900 ideally and a max of 7000, otherwise this wedge idea is already history

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Their screwing up the plan again :) This does not mean the wedge won't have it's effect, it just means i missed my entry point :(

Below the 7000ish it could still work

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Not yet pushed through the 7000. That red area could work as a resistance. I have adjusted the resistance line of the possible wedge. This could still work, but of course it's not reliable. No one can look in the future :)

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Could be a bull flag, could be resistance, good luck, see you tomorrow

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Bulls are still trying to chance this price action into a bullish pattern, still has some characteristics of a wedge, it's also an inverse H&S.

Key points for now are 6800 and 7100

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Thing is, everyone on TV has become a big bear the last week. Even the biggest bulls. It's not like TV represents the whole market, but it does give a good impression.

I would be surprised if the market just keeps on dropping without shaking some big bears out.

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Seems we have a breakout with confirmed volume :)

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We could start to see a very big short covering rally

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SPoofy was in with 800+ BTC in the buy just now, but some one sold 250 BTC into him and he dissapeared immediately :) i think he was not fast enough this time :) LOL

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Seeing some big dumping, second 250ish BTC sell order dump

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This ain't the typical flag fight, this one is with high volume, probably meaning an big wave, up or down

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It's still guessing a bit about where to put the right lines. I think the original wedge was quite good. As long as price stays above that red and green line, things are still bullish short term.

I just saw a big biy order of 1500 BTC at 7100. Biggest one i have seen so far. Still people are dumping though :) So my guess the stakeholders are doing a rescue mission, but if selling pressure continues like this than chances increase even THEY won't make it.

I think chances are bigger we higher from here, making a correction to around 7600 at least.

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When you look here, bulls look like to be loosing, Small H&S with the right volume picture. Should stay above hose green area's for this bullish momentum to stay strong

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The 1250 btc just disappeared at 7100.

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Now the bigger picture is just as bearish as it could get

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Looking at the buying volume of the last few hours, buyers seem to be planing something. I just went long at 7000, will add at 6900 with a stop around 6700

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If we break the 7200 i will move my stop to entry level

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I am out the door again, good luck trading :)

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Could become a bear flag

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The bulls need to take control soon, otherwise they will probably loose and all these efforts just turn out te be a big bear flag from the 8K. Usually the second bear flag (first one was at 7700/8100) does not break downwards. But that's not a guarantee of course. That's why i favor a a correction upwards, but if bulls don't start to show some strength soon, the correction will be mostly in time and the market will show it's hand again about how weak it is. If so, chances increase allot that we will see the 5K levels and maybe even the 4K's next week.

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I am looking to maybe make an analysis on a few Alts, but what's the use. They all show the same picture. That's why this whole market is crap, they only do what Bitcoin does. Some slightly better or worse, but still the same

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Place my stop around my entry level, volume is just so low, this could go anywhere.

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Have decided to put my stop around that green area. Not adding anymore, weekend :)

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Small bounce from that support and a small inverse H&S, think this is the last chance to stay above the 7000. If this small H&S fails, almost certain we drop below the 7000 and towards 7800 where the next support is

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That H&S was hesitating to much, there was just no buying volume to push it up

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6800 could be a support

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A buy order pushing the price up 200 points, if that issn't support buying than i don't know what is :)

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I had some doubts about that line showing here an H&S, but seems it was a neckline. I didn't act on it because i wasn't watching the markets and took a break. Target shows 6500 but now it seems the market is headed up again. I expect that same line to be a resistance now around 6900

botje11

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