a confluence of bearishness on the weekly + macroeconomic
Updated
reading the weekly bitcoin chart
the wedge with a flat bottom rising top is just knocking on that bottom waiting to drop
it did drop below the wedge support, catching on 2017 top
rejected from the support turned resistance of that broadening wedge
hitting the resistance of trendline following this movement down
next fed meeting in 2 weeks.. could consolidate for another couple weeks before breaking down...
lots of bearish signals flashing everywhere.. but haven't seen this pattern mentioned here, yet
the wedge with a flat bottom rising top is just knocking on that bottom waiting to drop
it did drop below the wedge support, catching on 2017 top
rejected from the support turned resistance of that broadening wedge
hitting the resistance of trendline following this movement down
next fed meeting in 2 weeks.. could consolidate for another couple weeks before breaking down...
lots of bearish signals flashing everywhere.. but haven't seen this pattern mentioned here, yet
Comment
Comment: plus, look at that little lift at the end there, a small rising channel.. big moves up are usually coming after gradual downtrend, big moves down usually coming after gradual uptrend
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