BTC Long term Descending Wedge hopium

Jan 26, 2022

From a completely speculative point of view and with incomplete data I thought it was interesting finding this potential setup for a mid year trend reversal. The current Macro environment is a little sketchy but a short term recovery bounce may change things and set up a proper bullish pattern.

From the July 2021 recovery (after the May crash) it concluded a path to nowhere having much less volume, retail customers and a weakening RSI. But for giggles seeing a very large descending wedge form into a double bottom could position a Q4 2022 - Q1 2023 cycle to play. From its current state it would show proper bullish visual structure to form from a very average and volatile looking chart while bottoming out the RSI on the weekly. Anything at this stage to pass time from macro events and ease mental sentiment to a predictive nature.

Interesting find non the less, but as always there is no crystal ball.

May 24, 2022

Note

Decided to update this one as the last 4 months seem to be following and currently holding support(for now) in the bottom half of the wedge. I've noticed on social media a few starting to notice this pattern and could grow.

With 8 consecutive red weekly candles there's bound to be a recovery bounce or breakout at some point mimicking traditional stocks, but could most likely be a bull trap to continue into a much larger downward pattern playing into the next halving while it continues to diminish. The overall space needs a great deal of time to reset to entice anther euphoric phase. Also accounts for a possible complete capitulation/wick to 15 - 20k, but most likely wont stay there for long.