Why we should BUY THE DIP right NOW (or at least at 30k)
Hey guys,
to keep it clear and simple as always: Bitcoin is following a strong downtrend at the moment. As shown in red, BTC is creating a falling wedge pattern, which typically is a bullish pattern. The price target is the top of the falling wedge, means 69k – nice.
The near future will tell if Bitcoin is able to reverse from now on (0.5 Fib level) and breaks out of the pattern to the upside – or if BTC stays in that pattern until the 0.618 Fib retracement level (30k area) and then eventually breaks to the upside or downside.
The blue boxes are strong support/resistance zones.
The Fibonacci is based on the low of March 2020 and the latest top of November 2021.
The RSI is in oversold territory.
And yes, I like to paint a possible path for the near future (green paths)😉
Have a great weekend
Stay safe
to keep it clear and simple as always: Bitcoin is following a strong downtrend at the moment. As shown in red, BTC is creating a falling wedge pattern, which typically is a bullish pattern. The price target is the top of the falling wedge, means 69k – nice.
The near future will tell if Bitcoin is able to reverse from now on (0.5 Fib level) and breaks out of the pattern to the upside – or if BTC stays in that pattern until the 0.618 Fib retracement level (30k area) and then eventually breaks to the upside or downside.
The blue boxes are strong support/resistance zones.
The Fibonacci is based on the low of March 2020 and the latest top of November 2021.
The RSI is in oversold territory.
And yes, I like to paint a possible path for the near future (green paths)😉
Have a great weekend
Stay safe
Comment:
Pretty much nailed it so far.