Re-test of Rising Wedge Breakdown May Signal Top
If Bitcoin is unable to get above the bottom of this long-term rising wedge, the top may be in when it fails to reclaim it upon re-test.
It could still go as high as 85-106k, or even higher the longer it takes to reach wedge bottom.
Given this turns out to be true, when this top is finally in we may see the deepest and longest correction in Bitcoin's history, targeting 1.5k, or even lower.
This could also be considered the makings of a double-top with a higher 2nd high, very similar to the structure of the previous ATH's double-top, but repeated on a larger scale. We may also see two attempts to re-test, just as we saw two highs last time.
A possible secondary signal that this is the likely scenario that will occur may be if the US Dollar Index continues up above its fall of 2022 highs:
Best of luck with your analyses and trading, and I hope you've found some valuable insight in the ideas we share together here.
It could still go as high as 85-106k, or even higher the longer it takes to reach wedge bottom.
Given this turns out to be true, when this top is finally in we may see the deepest and longest correction in Bitcoin's history, targeting 1.5k, or even lower.
This could also be considered the makings of a double-top with a higher 2nd high, very similar to the structure of the previous ATH's double-top, but repeated on a larger scale. We may also see two attempts to re-test, just as we saw two highs last time.
A possible secondary signal that this is the likely scenario that will occur may be if the US Dollar Index continues up above its fall of 2022 highs:
Best of luck with your analyses and trading, and I hope you've found some valuable insight in the ideas we share together here.