BTC rising wedge to $65k+ then down to $9k-$16k?
Updated
This is a longer term projection based on the price action that's taken place combined with what I'm seeing from ichimoku + some of the indicators I use.
In this interpretation of the chart, we're currently in this rising wedge pattern trying to find a bottom. I think there's likely to be one more retest of the bottom of the structure before a larger move higher begins. I think if that bottom support holds, that it's likely that we start a run between now and June and could retest the top of the rising wedge and/or push slightly above it in that timeframe. If that happened, it would take price to
65K+, where I think we'd ultimately reject, and which would setup a fall lower.
After that, towards the back half of 2022, I think it's likely we see a very quick bear market which retraces sharply down to that 9k-16k price target in the gray box.
Let' see how it plays out from here. Note: this is a longer term projection and a lot would have to play out between now and then for this to come true. If the bottom of the structure holds over the next couple of weeks and we start a move higher, that's the first indication this idea is playing out. Then we need to see price reject at the top of the structure before June 20th or so.
I'll update this idea as price action continues to play out.
In this interpretation of the chart, we're currently in this rising wedge pattern trying to find a bottom. I think there's likely to be one more retest of the bottom of the structure before a larger move higher begins. I think if that bottom support holds, that it's likely that we start a run between now and June and could retest the top of the rising wedge and/or push slightly above it in that timeframe. If that happened, it would take price to
65K+, where I think we'd ultimately reject, and which would setup a fall lower. After that, towards the back half of 2022, I think it's likely we see a very quick bear market which retraces sharply down to that 9k-16k price target in the gray box.
Let' see how it plays out from here. Note: this is a longer term projection and a lot would have to play out between now and then for this to come true. If the bottom of the structure holds over the next couple of weeks and we start a move higher, that's the first indication this idea is playing out. Then we need to see price reject at the top of the structure before June 20th or so.
I'll update this idea as price action continues to play out.
Note
Support of the structure broke downwards. I lean towards a move towards the mid to low 20ks before relief
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