btc bearish breakdown feom rising wedge/bear pennant
Updated
been warning people most of the afternoon that had their bullish blinders on that this rising wedge would likely break downward as we would probably form one more lower high/lower low combo before completing eve's handle and continuing upward. I had spotted bearish divergence on the 15, 30, 1hr, and 4hr rsis and noticed the 4hr stoch rsi was completely maxed and due for a drop. Still dont have my laptop back so been having to keep posting ideas to a minimum, but I believe this drop could take us as far down as $7350 seeing how that is the exact halfway point between the bottom of eves cup (6400) and the top of the left side of the cup(11700). I'm still a strong believer in us triggering both the double bottom pattern and the cup and handle attached to it so I'm confident we will see a big rebound bounce before we have a chance to go any lower than $7350. I would expect the real bottom of this recent dip to be somewhere between 7350 and 8200 but I'd say any price between 7500 and 8000 is an ideal and safe spot to,buy back in at. Of course these are only my presumptions not financial advice so make your own decisions..best of luck everyone.
Note
Keep in mind there's also a good chance we may just form a higher low and continue upward from here. If a higher low were to happen expect it to be in the 8200s. May even be a smart move to buy back in that range with a stop loss set just below the last lowNote
We seemed to be getting a strong bounce support from the 1day chart's 50MA at 8275 so a good buy back zone would be just above it at 8298 or so with a stop loss set up if we break below our previous low of 8225 at around 8208
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