With a giant falling wedge forming on the weekly timeframe for Bitcoin we could see a reversal in crypto market sooner than the many think.
Probability of this outcome is increased by confirmation on of the same pattern forming on the Relative Strength Index.
Short term, however, we could still see some more pain with a flash crash in price to the bottom of the wedge to levels of $10,000.
If we do not see this flash crash within the next six to eight weeks then the likelihood of a bullish confirmation on the falling wedge would increase.
Stay vigilant and do nothing until we get a confirmation either way. Keep an eye out for an inverse relationship with the DXY for further bullish confirmation.
Probability of this outcome is increased by confirmation on of the same pattern forming on the Relative Strength Index.
Short term, however, we could still see some more pain with a flash crash in price to the bottom of the wedge to levels of $10,000.
If we do not see this flash crash within the next six to eight weeks then the likelihood of a bullish confirmation on the falling wedge would increase.
Stay vigilant and do nothing until we get a confirmation either way. Keep an eye out for an inverse relationship with the DXY for further bullish confirmation.