Dear fellow traders, Please see the chart for complete interpretation and read the description to correlate.
Why I think this falling wedge is going to work? Let me explain it.
1. Firstly, Notice the red trendline: See the point A from where it is starting. Now check the point A on RSI. What do you see? Point A of the red Trendline is exactly the point from where RSI started showing bearish divergence (RSI started falling from this point, even though Bitcoin's price was rising). It means this is the real top as per RSI.
2. Secondly, this red trendline will result in the formation of the falling wedge. A falling wedge is a bullish sign (You can google it to confirm). Now see where Red trendline is intersecting with the Blue trendline. This is our real bottom for Bitcoin. It will fit in all the bullish scenarios that you can think of.
Lastly, I think today that crucial support (Green trendline) for bitcoin is going to be taken out. Bitcoin may bounce from 20k for a rebound but that will be temporary.
I personally only do investing, no trading!
If you want to do analysis, I would recommend you to zoom out the chart first and then start. Start with monthly or weekly charts
Follow me for more information.
Note: This is not a financial advice. Please do your own research before investing.
Why I think this falling wedge is going to work? Let me explain it.
1. Firstly, Notice the red trendline: See the point A from where it is starting. Now check the point A on RSI. What do you see? Point A of the red Trendline is exactly the point from where RSI started showing bearish divergence (RSI started falling from this point, even though Bitcoin's price was rising). It means this is the real top as per RSI.
2. Secondly, this red trendline will result in the formation of the falling wedge. A falling wedge is a bullish sign (You can google it to confirm). Now see where Red trendline is intersecting with the Blue trendline. This is our real bottom for Bitcoin. It will fit in all the bullish scenarios that you can think of.
Lastly, I think today that crucial support (Green trendline) for bitcoin is going to be taken out. Bitcoin may bounce from 20k for a rebound but that will be temporary.
I personally only do investing, no trading!
If you want to do analysis, I would recommend you to zoom out the chart first and then start. Start with monthly or weekly charts
Follow me for more information.
Note: This is not a financial advice. Please do your own research before investing.
Comment:
Comment:
Bitcoin still enroute on this analysis
Comment:
