Me oh my there is a lot of FUD in the market right now! I am feeling it!
However there is hope on the charts.
Bitcoins most recent price action is forming a falling wedge, which is a bullish formation, right around the targets for the downside flags and the original H&S pattern that originally started the fall.
If the wedge breaks to the upside it should put us back into the green triangle and will hopefully have given us the higher low we need to complete the right shoulder of an inverse head and shoulders with a neckline target back in the 18,000's. Or a double bottom that should yield roughly the same upside target.
Volume has returned to the market and even tho there is clearly a lot of selling. Somebody is there buying up the fear.
However there is hope on the charts.
Bitcoins most recent price action is forming a falling wedge, which is a bullish formation, right around the targets for the downside flags and the original H&S pattern that originally started the fall.
If the wedge breaks to the upside it should put us back into the green triangle and will hopefully have given us the higher low we need to complete the right shoulder of an inverse head and shoulders with a neckline target back in the 18,000's. Or a double bottom that should yield roughly the same upside target.
Volume has returned to the market and even tho there is clearly a lot of selling. Somebody is there buying up the fear.
Note
futher bullish argument puts a bullish elliot triangle in the falling wedge...Note
nice!
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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.