CRYPTO and Bitcoin due for a big bounce
Chart Overview
The chart overview shows the total market cap for cryptocurrency.
Here are a few points to make on why I believe Crypto and Bitcoin price is due for an upswing reversal.
1) The price has been moving down in a reducing wedge pattern.
2) The price bounced from a key price point (1.992 trillion dollars, the light blue line)
3) Bitcoin also shows strong confluence with july 2021 prices which suggests a bounce is imminent
4) A previous reducing wedge pattern resulted in september resulted in a fairly extended bullish rally for Crypto
5) Bitcoin Prices are very low, although not registering at bargain prices on the RSI yet, it still almost 30k down from ATH, it's quenstionable if the bears have any strength to bring Bitcoin and Crypto lower, it took a lot of effort to pass the 43k barrier.
What do you guys think? Is a bounce imminent or have we got more low prices ahead?
Thanks for reading.
DISCLAIMER: NOT PROFESSIONAL ADVICE
The chart overview shows the total market cap for cryptocurrency.
Here are a few points to make on why I believe Crypto and Bitcoin price is due for an upswing reversal.
1) The price has been moving down in a reducing wedge pattern.
2) The price bounced from a key price point (1.992 trillion dollars, the light blue line)
3) Bitcoin also shows strong confluence with july 2021 prices which suggests a bounce is imminent
4) A previous reducing wedge pattern resulted in september resulted in a fairly extended bullish rally for Crypto
5) Bitcoin Prices are very low, although not registering at bargain prices on the RSI yet, it still almost 30k down from ATH, it's quenstionable if the bears have any strength to bring Bitcoin and Crypto lower, it took a lot of effort to pass the 43k barrier.
What do you guys think? Is a bounce imminent or have we got more low prices ahead?
Thanks for reading.
DISCLAIMER: NOT PROFESSIONAL ADVICE
Comment:
Crypto market is struggling against the upper wedge resistance but too early to suggest the breakout has failed. If the 1.992 support holds we could still see an upswing soon.