So here it is, another bitcion update. From the previous TA's that I posted, I said that bitcoin is going to form a h&s and that it should reach around 6800 and it will again to fall. Well, it has went over that, but I still this (h&s) to be true (end of July to now). If we look closely, we see that a falling wedge (purple) has been formed for several months. It is just a matter of time before bitcoin gets back on track.
So what do I mean on track? If we look at the red lines, it represents the bullish trend all the way back to 2015. If we are to follow this trend, we see that bitcoin went off course due to the media hype. And so as bitcoin seeks to correct itself, it has formed this falling wedge. This falling wedge is soon to end. We just don't know when. When the h&s, continues and the falling wedge continues, it will come into the trend zone (red) that should have been a healthy bullish trend.
You see that dark blue line. Well, that is amount of how much bitcoin will rise again. If bitcoin continues it route to mid October, then this will be the height of where we can see the price of bitcoin in the future. If we follow that dark blue line, we see that it will reach it sometimes toward the end of next year. I say it will somehow reach it in the summer of next year, but that is just me being bullish.
As always, dyor and this is not a financial advise to buy, sell or trade recommendations. This is an educational TA.
So what do I mean on track? If we look at the red lines, it represents the bullish trend all the way back to 2015. If we are to follow this trend, we see that bitcoin went off course due to the media hype. And so as bitcoin seeks to correct itself, it has formed this falling wedge. This falling wedge is soon to end. We just don't know when. When the h&s, continues and the falling wedge continues, it will come into the trend zone (red) that should have been a healthy bullish trend.
You see that dark blue line. Well, that is amount of how much bitcoin will rise again. If bitcoin continues it route to mid October, then this will be the height of where we can see the price of bitcoin in the future. If we follow that dark blue line, we see that it will reach it sometimes toward the end of next year. I say it will somehow reach it in the summer of next year, but that is just me being bullish.
As always, dyor and this is not a financial advise to buy, sell or trade recommendations. This is an educational TA.