BitcoinShort
Bitcoin and descending broadening wedge
I've come to conclusion since bitcoin haven't plummeted yet but not rocketed upwards either, that the descending broadening wedge forming since February (10K+) is in play here. As much we seem to need the touch of upper trendline, I don't see the break of it coming in just yet, without price tanking first.
If this really is the scenario here, we can make assumption that the price won't break the lower trendline of the wedge and therefor forecast the average price for bottom, depending how steep bitcoin will retrace from top of the wedge. Paying attention to earlier retraces, my bold guess would be somewhere near $4000 plus the possible wicks below that, maybe all the way near $3000, but that of course, is pure speculation.
If this really is the scenario here, we can make assumption that the price won't break the lower trendline of the wedge and therefor forecast the average price for bottom, depending how steep bitcoin will retrace from top of the wedge. Paying attention to earlier retraces, my bold guess would be somewhere near $4000 plus the possible wicks below that, maybe all the way near $3000, but that of course, is pure speculation.
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