BITCOIN - Back In The Descending Wedge
Updated
BTC has fallen back into the yellow descending wedge which is now a significant trend channel.
I have included "fakeout low" bottom from September as a last line of defense. A drop into that area would go sub 40K and scare many longs away, but it could tag that support and still be within the wedge.
Any break to the upside to be watched closely for any interested in this bounce as it may lead to BTC rising to 50K+ area which would also be significant for many alts.
I still think a bounce is coming though finding the exact point is obviously a slippery fish to catch. BTC is excellent at looking like a corpse on a cliff edge only to then have an impulsive bounce. That said if it does bounce I am expecting it to be weaker than out of September low.
It could of course bounce from SOW in A support.
Interesting how SOW in A and SOW in D are still very relevant after so much time dont you think 🤔🤔🤔.
I'm still considering the bearish short term scenario but I think BTC has trickled (not fallen) too far now in this wedge for a bounce not to be on the cards.
Not advice.
I have included "fakeout low" bottom from September as a last line of defense. A drop into that area would go sub 40K and scare many longs away, but it could tag that support and still be within the wedge.
Any break to the upside to be watched closely for any interested in this bounce as it may lead to BTC rising to 50K+ area which would also be significant for many alts.
I still think a bounce is coming though finding the exact point is obviously a slippery fish to catch. BTC is excellent at looking like a corpse on a cliff edge only to then have an impulsive bounce. That said if it does bounce I am expecting it to be weaker than out of September low.
It could of course bounce from SOW in A support.
Interesting how SOW in A and SOW in D are still very relevant after so much time dont you think 🤔🤔🤔.
I'm still considering the bearish short term scenario but I think BTC has trickled (not fallen) too far now in this wedge for a bounce not to be on the cards.
Not advice.
Comment
Also RSI near oversold again.*Comment
Lower wedge trendline tagged, new low and now oversold on daily RSI for first time since May.Comment
It will be decision time soon enough as the wedge narrows.
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
I have many great deep value opportunities ❕
Many Trade Ideas Every Day 📈
Regular videos ✨.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
Related publications
Disclaimer
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.