Hi all.
Jumping right into it, BTC has reaching the bottom of this big blue wedge.
Seeing how it failed the reverse H&S and the psychological 10k barrier, its come back down to it 7200.
I'd propose the idea that this may be 'scooping bottom' already. Looking at the RSIs, i'd say its rather oversold already. Taking a long position at this level is generally favourable. Sticking to my guns that the 6500 range is providing a level of strong support, we may never revisit this level again.
The next step would be to break out of the blue wedge (and coincide with the 50MA in green) and keep charging upward, however, if this fails, I would interpret this to be a prolonged period of accumulation. Be patient :)
Jumping right into it, BTC has reaching the bottom of this big blue wedge.
Seeing how it failed the reverse H&S and the psychological 10k barrier, its come back down to it 7200.
I'd propose the idea that this may be 'scooping bottom' already. Looking at the RSIs, i'd say its rather oversold already. Taking a long position at this level is generally favourable. Sticking to my guns that the 6500 range is providing a level of strong support, we may never revisit this level again.
The next step would be to break out of the blue wedge (and coincide with the 50MA in green) and keep charging upward, however, if this fails, I would interpret this to be a prolonged period of accumulation. Be patient :)
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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.