Hello all and good evening!
Due to the recent development in price action I have decided to post another take on the possibilities of what might unfold for the next few weeks to months.
Let me know what you think! I would love to get an open discussion going in the comments about this!
Comparing the recent fall in price to 2018's developments, the similarities have been discussed with that of the falling triangle. It might be a long shot, however the conclusion of the 2018 triangle could have only been the final touch point to a falling wedge. Price moved sideways and left a gap open towards the bottom of the wedge, but after touching the top fell straight down and moved sideways again to leave yet another gap. After leaving the wedge price made it up to the target zone just under $14,000 in confluence with a wedge pattern. I have marked with vertical lines the potential point in time in which I believe we currently sit, both with RSI and price. We might be in a move right before the drop straight down to the bottom of this wedge for sideways consolidation to its apex. The major sell zone would be the 14k level - 20k would be a blessing. If we are in a similar move this means the next few days would not bring a retest of the previous triangle at the $9,000 area. Instead we would see a very weak rally and a large volume candle continuation down to the gold line, the bottom price for this pattern.
Of course as always this is only my opinion and should not be taken as trade or financial advise!
Due to the recent development in price action I have decided to post another take on the possibilities of what might unfold for the next few weeks to months.
Let me know what you think! I would love to get an open discussion going in the comments about this!
Comparing the recent fall in price to 2018's developments, the similarities have been discussed with that of the falling triangle. It might be a long shot, however the conclusion of the 2018 triangle could have only been the final touch point to a falling wedge. Price moved sideways and left a gap open towards the bottom of the wedge, but after touching the top fell straight down and moved sideways again to leave yet another gap. After leaving the wedge price made it up to the target zone just under $14,000 in confluence with a wedge pattern. I have marked with vertical lines the potential point in time in which I believe we currently sit, both with RSI and price. We might be in a move right before the drop straight down to the bottom of this wedge for sideways consolidation to its apex. The major sell zone would be the 14k level - 20k would be a blessing. If we are in a similar move this means the next few days would not bring a retest of the previous triangle at the $9,000 area. Instead we would see a very weak rally and a large volume candle continuation down to the gold line, the bottom price for this pattern.
Of course as always this is only my opinion and should not be taken as trade or financial advise!
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