Good looking bottom in the process of forming over the next few weeks.
Shorts will start building up now expecting a drop to $2000 which won't materialise and lead to a short squeeze and then a continuation to resistance to $5000.
Expect a sell off from there.
Shorts will start building up now expecting a drop to $2000 which won't materialise and lead to a short squeeze and then a continuation to resistance to $5000.
Expect a sell off from there.
Note
Bullish regular divergence on the 1 Hour which will create the small descending wedge we are in.
Bullish Hidden divergence on the 4Hour which will take us out of the wedge up to test $4000 again.
This is a very strong bottom process in BTC and there won't be a panic sell to lower prices.
Note
Note
I'm seeing very small bullish patterns emerging and compounding into potentially larger bullish moves. Are we out of the woods?... not just yet.The previous calls for Inv H&S were too premature, but this pattern is starting to mature here.
Potential interim diamond bottom on the 4H, may lead to an inverse H&S within an ascending triangle.
I do think bulls will get drawn in here and push up to $4500-$5000, then sell off from there to a potential long term double bottom.
2-4 months of accumulation, then up we go into the next bitcoin halving.
Then everyone would have forgotten all about this nasty little bear!
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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.