Bitcoin making an ABC to test the Bull Trend at 7000/7600, Part2
Updated
Going to keep this one short, follow up on the previous analysis.
Price bounced up quite nicely from the 8200/300, looked like it broke the wedge resistance line, but was hanging above it quite strangely. It wasn't a flag, also not a nice triangle. Was prob whales distributing and pushing price back down again.
Anyway, not a lot has changed with the picture. I have changed the line a bit, so maybe we never broke the resistance like this. But we are closing in at the end of the wedge, something i never like. The deeper it goes, the less reliable it becomes. So, i think as long as we stay above the 8200/170, the wedge still has a chance. If we break below it, it could have been a distribution wedge instead of the normal accumulation. A false breakout to like 8000 is also possible, but becomes guessing to bet on it. It only gets "confirmed" if it would drop to like 8000, then bounce back up above 8200/300.
So for now, it looks as if it wants to move down a bit more coming hours, but we need to wait and see if it is the blue or red line, or maybe even a complete failure.
Please don't forget to like if you appreciate this :)
Previous analysis:
Price bounced up quite nicely from the 8200/300, looked like it broke the wedge resistance line, but was hanging above it quite strangely. It wasn't a flag, also not a nice triangle. Was prob whales distributing and pushing price back down again.
Anyway, not a lot has changed with the picture. I have changed the line a bit, so maybe we never broke the resistance like this. But we are closing in at the end of the wedge, something i never like. The deeper it goes, the less reliable it becomes. So, i think as long as we stay above the 8200/170, the wedge still has a chance. If we break below it, it could have been a distribution wedge instead of the normal accumulation. A false breakout to like 8000 is also possible, but becomes guessing to bet on it. It only gets "confirmed" if it would drop to like 8000, then bounce back up above 8200/300.
So for now, it looks as if it wants to move down a bit more coming hours, but we need to wait and see if it is the blue or red line, or maybe even a complete failure.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
New Bitcoin analysis:
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