BitcoinShort
BTC 56,000 Target
This is an update on my idea of the bearish ascending wedge pattern.
As I suspected, the price broke through the bottom support line of the ascending wedge. The next level of support is the major trend line drawn between the last 2 major dips at 50k and 43k.
Using the same bar pattern from the last drop to 50k, along with the fact that price is turning back down on the 15min chart and I see very large buy orders at 56k on the depth chart, I suspect price will reach 56k within the next day or two.
Additionally, RSI and momentum indicators crossing down currently on the 15 min chart.
Most likely break the all time high after that. Many people are talking about a reverse head and shoulders pattern firming. I do see it. However, if the price is rejected again at 60k, at the neckline, look out below. It's a long way down to 30k when Elon Musk bought his coin.
As I suspected, the price broke through the bottom support line of the ascending wedge. The next level of support is the major trend line drawn between the last 2 major dips at 50k and 43k.
Using the same bar pattern from the last drop to 50k, along with the fact that price is turning back down on the 15min chart and I see very large buy orders at 56k on the depth chart, I suspect price will reach 56k within the next day or two.
Additionally, RSI and momentum indicators crossing down currently on the 15 min chart.
Most likely break the all time high after that. Many people are talking about a reverse head and shoulders pattern firming. I do see it. However, if the price is rejected again at 60k, at the neckline, look out below. It's a long way down to 30k when Elon Musk bought his coin.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.