How low $BTC can go? Falling wedges is forming in Bitcoin chart
Updated
From my drawing in the past, BTC retracement has never closed lower than 0.382 fibo support of the previous wave. This might be the first time BTC may touch 0.236 ($8800)
We are in the falling wedges, and if BTC support is high, we could break out at (1 - follow yellow) or we will continue to bounce in this channel and attempting break out again at (2 - orange), if not the bounce will continue and last attempt at (3 - red).
Please note that from my knowledge, the break out at (2) is unlikely to happen, if we will miss breakout (1), we will have to wait for the next one at (3)
It is unlikely that BTC would go to 0 fibo support which is $5300, meaning to neutralize all the end of year surge.. but who know?
After this retracement end, the BTC journey to 30K+ will begin.
That is my novice analysis, please don't believe me or anything I am saying here, and I am not the proessional trader nor financial advisor.
Good luck
We are in the falling wedges, and if BTC support is high, we could break out at (1 - follow yellow) or we will continue to bounce in this channel and attempting break out again at (2 - orange), if not the bounce will continue and last attempt at (3 - red).
Please note that from my knowledge, the break out at (2) is unlikely to happen, if we will miss breakout (1), we will have to wait for the next one at (3)
It is unlikely that BTC would go to 0 fibo support which is $5300, meaning to neutralize all the end of year surge.. but who know?
After this retracement end, the BTC journey to 30K+ will begin.
That is my novice analysis, please don't believe me or anything I am saying here, and I am not the proessional trader nor financial advisor.
Good luck
Note
Testing first resistance..Note
Resistance was not broken - psychologically take the whole market down together.
BTC gonna form sub falling wedges if it can't break this resistance again with in 23 Jan
Note
BTC failed to go to Point [1], expect bounce in smaller channel.But if similar pattern from the previous month is complete.
Area between Point 2 can still be expected
Note
Beauty of graphWill BTC break this resistance and head for next one?
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