✅Bitcoin - You haven't seen this before! New triangle + wedge
- Everyone is extremely bullish right now and is saying the bottom is in. But I am still very sceptical. We are having a relief uptrend as predicted in my last analysis.
- The downtrend is really strong and there is absolutely no sign of a trend reversal at this moment!
- As you can see on the weekly chart, we have an incomplete falling wedge pattern and clearly there is still a lot of price action missing.
- It looks like we are creating a trading range on the daily chart. Something like a symmetrical or descending triangle.
- Regarding my Elliott Wave analysis, I think we can create some kind of triangular formation before continuing lower.
- The question is, how much lower can we go? We have a gap at 12 500 USDT, which is a reasonable target and the one and only one support on this particular chart. We can use a fibonacci extension from wave 3 to wave 4, but it's still too early because we don't know if wave 4 was completed or not.
- If the trading range is confirmed, then altcoins can moon during this phase and Bitcoin's dominance should continue in the downtrend.
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