There is a high likelihood that bitcoin has found its long-term bottom. The descending wedge that bitcoin has been in for a year is still valid, except that the floor turned out not to be in exactly the right place. Nonetheless, the pattern of decline that has taken place for over a year now confirms that bitcoin is not destined to crash to zero, at the very least.
Given this information, I have high confidence that we will see much higher prices in the future, and I have outlined some weekly resistance levels to watch. I believe this is a good entry point for those of you who may not know much about TA and consider yourselves long-term investors. While most people are scrambling to get out of bitcoin and announcing its death, smart investors have decided there is enough upside potential here to get a good deal with low risk.
Bitcoin is not dead. If it were going to die, it would probably be closer to $10 by now. The fact that we've gone down for such a long time and have stilled maintained critical levels means a very large upside correction is due. We don't know exactly how high it will go, but I believe it will be much higher than it is now.
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