BTC is reaching the neckline of a major head and shoulders formation (see idea below). However it is in a falling wedge. I estimate that price will fall within the wedge until next support were it can either breakout of the wedge or break the H&S neckline and dump to theoretically 5.5K.
I tend to favor not a straight path down because I believe that BTC will bounce around a range until the first week of December. We shall see.
I tend to favor not a straight path down because I believe that BTC will bounce around a range until the first week of December. We shall see.
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Critical next 6 hours for BTC. Support failed to bounce the price to resistance of the wedge and the wedge widened. A falling broadening wedge is also noted. Price needs to bounce from here to break out of the wedges, it is estimated it will take 6 hours, otherwise it's a catastrophic dump.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.