Hey fellow TA enthusiasts,
While trying to decipher the current BTC movements, I suddenly noticed a clear and familiar pattern unfolding! The februari/march uptrend and subsequent downtrend followed a pattern just like the one we are currently in: 3 upward peaks, and 2 downward peaks, before plummeting down to the bottom of a newly formed wedge. I highlighted all the corresponding peaks in the current up- and downtrend: 3 upward peaks, and we are currently in the second downward peak. This means we should soon start plummeting further down: first to 7.8k, where we should see a small bounce, and then all the way to the bottom of the wedge, at around 7.2k
Additionally, I also highlighted the bottoms on the RSI. There is currently not enough strength in the market to push us upward, and I believe that before the next bounce can occur, we need to first reach the bottom of the RSI channel again. This coincides perfectly with the bottom of the wedge, at around 7.2k.
This means that we will be going down for the next week-and-a-half, consolidate around our new bottom, and then start a new upwards movement. Whether this movement will be strong enough to break us out of the wedge remains to be seen..
I know, not the news you were probably hoping for, but the signs are very clear imo. Stay clear for the next ~2 weeks, and then take advantage of the new uptrend.
While trying to decipher the current BTC movements, I suddenly noticed a clear and familiar pattern unfolding! The februari/march uptrend and subsequent downtrend followed a pattern just like the one we are currently in: 3 upward peaks, and 2 downward peaks, before plummeting down to the bottom of a newly formed wedge. I highlighted all the corresponding peaks in the current up- and downtrend: 3 upward peaks, and we are currently in the second downward peak. This means we should soon start plummeting further down: first to 7.8k, where we should see a small bounce, and then all the way to the bottom of the wedge, at around 7.2k
Additionally, I also highlighted the bottoms on the RSI. There is currently not enough strength in the market to push us upward, and I believe that before the next bounce can occur, we need to first reach the bottom of the RSI channel again. This coincides perfectly with the bottom of the wedge, at around 7.2k.
This means that we will be going down for the next week-and-a-half, consolidate around our new bottom, and then start a new upwards movement. Whether this movement will be strong enough to break us out of the wedge remains to be seen..
I know, not the news you were probably hoping for, but the signs are very clear imo. Stay clear for the next ~2 weeks, and then take advantage of the new uptrend.