Possible reversal coming of current downtrend if BTC can break above $8,400. There could be one more dip down to $7,800 before breaking out. If BTC doesn't break overall downtrend, this will likely match the bottom in early April.
We see in this chart that shortly after BTC breathed on $10,000 it consolidated and then formed a falling wedge. After recovering from the falling wedge it then formed a rising wedge, which is generally bearish. However, we see over the next two weeks the unstobble breakout occured instead of the bearish prediction.
There may be one more small dip, but I have bought some now with stop-loss at 1.2%. We are currently in a longterm updtrend and breaking out of a short term downtrend.
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I'm not a financial advisor.
This is actually less bullish than some of the more prominent voices in the crypto community but certainly draws itself. I don't think it is correct to use Dec/Jan highs to measure resistance. Instead, I think those are acting as magnets for future highs. ETH, in particular, seems to be diverging more and more from the rest of crypto.
This is based on the trajectory from one year ago and the following resistance and support lines. Middle line represents the mean valuation. If trend continues this chart will serve as a buy/sell guide as the price fluctuates.
