BTC pattern formation.
Updated
I hope I am wrong this time too like my previous ideas. Still, thanks for hearing me.
As you can see, I figured out some things repeat at this time.
1) First the formation of descending wedge from the bottom 6.5k,
2) Then the formation of ascending wedge towards 9.7k,
3) Breaking out of the wedge, going bearish.
If the triangle formation may be formed, then I expect a drop to 8.4~8.5k region as there we have 38.2% retracement from previous down trend, plus there we have 200EMA residing.
If I imagine as it goes as I think, sooner or later it will drop to 9k. Which will bounce a little of from here but not for too long.
Then, from 9k to 8.5k.
From 8.5k I think It will bounce off once more having a rally to form a double top or rally to 10k so to say. And then it will drop again forming descending wedge, which from the bottom low for Wave C of ABC correction.
However, I hope this doesn't come true.
As you can see, I figured out some things repeat at this time.
1) First the formation of descending wedge from the bottom 6.5k,
2) Then the formation of ascending wedge towards 9.7k,
3) Breaking out of the wedge, going bearish.
If the triangle formation may be formed, then I expect a drop to 8.4~8.5k region as there we have 38.2% retracement from previous down trend, plus there we have 200EMA residing.
If I imagine as it goes as I think, sooner or later it will drop to 9k. Which will bounce a little of from here but not for too long.
Then, from 9k to 8.5k.
From 8.5k I think It will bounce off once more having a rally to form a double top or rally to 10k so to say. And then it will drop again forming descending wedge, which from the bottom low for Wave C of ABC correction.
However, I hope this doesn't come true.
Note
1hr regular bearish divergence.
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