Bitcoin Bearish triangle and Bullish Wedge
As suspected, the inverse H&S i showed in my last update failed and now once again testing the 7100 support zone.
Think the triangle i am showing here, might be something. Mostly maybe because it gives room for one more trap move (shake out) to around 7300/350. Doesn't mean it will happen of course, just saying we need to assume it can easily happen. Think the 7180/220 is the resistance between
The bullish wedge is still an option, even though it's shape is not great, it can still happen. However, i do think it's very important to see some confirmation first before thinking the wedge will play out. Saying this, because as mentioned before, the low volume is very worrying. The price action we have seen lately, reminds me a lot of the last months a year ago before we broke the 6K and tanked to 3K levels.
The big question past half year was, are we in a bull market or was the pump to 13.8k just a bear market correction. The pump from 7400 to 9k 2 months ago was a great opportunity for bulls take control, but they simply failed. Now it dropped a bit too much already but think there is still a chance if we get to see that bear trap move i have been talking about for a while. This means the 6000 zone needs to hold (maybe a wick on the daily below is allowed).
Make no mistake, things look like shit and i am preparing myself for a very bad and ugly period, but i am not yet ready to fully give up on Bitcoin yet.
For now as mentioned past days, think the range to watch is still the 7400/50 and 7100/050
Previous analysis:
Think the triangle i am showing here, might be something. Mostly maybe because it gives room for one more trap move (shake out) to around 7300/350. Doesn't mean it will happen of course, just saying we need to assume it can easily happen. Think the 7180/220 is the resistance between
The bullish wedge is still an option, even though it's shape is not great, it can still happen. However, i do think it's very important to see some confirmation first before thinking the wedge will play out. Saying this, because as mentioned before, the low volume is very worrying. The price action we have seen lately, reminds me a lot of the last months a year ago before we broke the 6K and tanked to 3K levels.
The big question past half year was, are we in a bull market or was the pump to 13.8k just a bear market correction. The pump from 7400 to 9k 2 months ago was a great opportunity for bulls take control, but they simply failed. Now it dropped a bit too much already but think there is still a chance if we get to see that bear trap move i have been talking about for a while. This means the 6000 zone needs to hold (maybe a wick on the daily below is allowed).
Make no mistake, things look like shit and i am preparing myself for a very bad and ugly period, but i am not yet ready to fully give up on Bitcoin yet.
For now as mentioned past days, think the range to watch is still the 7400/50 and 7100/050
Previous analysis:
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