As I predicted, bitcoin has completed a re-test of the big broadening wedge formation. The monthly candle closed just below the trend line, exactly in no-man's territory. As for me, this means only one thing - further declines.
The next stop is somewhere around $12,500-13,500 (TP1). There is a chance that this will be the real bottom, although as you can see on the chart this price only marks the middle of the big downward channel below. Hence, I conclude that the real bottom will be revealed only in December (TP2).
The next stop is somewhere around $12,500-13,500 (TP1). There is a chance that this will be the real bottom, although as you can see on the chart this price only marks the middle of the big downward channel below. Hence, I conclude that the real bottom will be revealed only in December (TP2).
Comment:
It looks like bitcoin has once again tried unsuccessfully to overcome the upper band of the downward channel it is currently in. Well, I think we will already see a nice red candle at the end of this week.
