BitcoinLong
Did BTC bottom out? Probably YES!
Dear traders,
It appears like BTC is forming a bottom here. There is strong Bullish Divergence (blue thick lines) formed on 1W timeframe. It is fiddling with EMA-100 on Monthly TF. It has already broken the resistance trendline (purple line) in Oct-22 and gave the retouch in the week of 7th Nov. The price is forming a falling wedge which is again bullish reversal pattern. I expect BTC to breakout above 18K and "RISE" in the new year. Then there's nothing stopping it till 29K-32K range. We visit the charts again there.
In alternate scenario, it may trade sideways narrowing the trading range. However, I don't think it will invalidate the current formations entirely. It may dip towards ~12K and come back up giving a long wick followed by continued sharp upward move . But the dip must be in next couple of weeks for this bull story to remain intact. If not then it will drop slowly towards 8K range and it will be Q2-2023 before we see any hopes of reversal.
Good luck.
It appears like BTC is forming a bottom here. There is strong Bullish Divergence (blue thick lines) formed on 1W timeframe. It is fiddling with EMA-100 on Monthly TF. It has already broken the resistance trendline (purple line) in Oct-22 and gave the retouch in the week of 7th Nov. The price is forming a falling wedge which is again bullish reversal pattern. I expect BTC to breakout above 18K and "RISE" in the new year. Then there's nothing stopping it till 29K-32K range. We visit the charts again there.
In alternate scenario, it may trade sideways narrowing the trading range. However, I don't think it will invalidate the current formations entirely. It may dip towards ~12K and come back up giving a long wick followed by continued sharp upward move . But the dip must be in next couple of weeks for this bull story to remain intact. If not then it will drop slowly towards 8K range and it will be Q2-2023 before we see any hopes of reversal.
Good luck.
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