A case for the BTC Bulls (Descending Wedge Breakout & Re-test) for INDEX:BTCUSD by RandomOracle

A case for the BTC Bulls (Descending Wedge Breakout & Re-test)

As this is a Point&Figure chart, I'll have to provide updates manually as TradingView currently doesn't support the 'play' feature for them.

Noticed something interesting supporting the Bullish case for the previous Fractal/Bear Trap idea:

A case for both Bears & Bulls (Fractal Repetition or Bear Trap?)

Breakout and retest of the macro descending resistance intersection with the dynamic support range 🙏🔮🚀
Possibly the most bullish sign seen in recent months 🙌
Stay tuned for more! I'll keep a close eye on this one & update as things play out!
What do you guys think? Feel free to share and ask questions 👍
*Will update as more PA is available*

*Symbol tags below, Ignore these*
INDEX:BTCUSD BITSTAMP:BTCUSD COINBASE:BTCUSD BITFINEX:BTCUSD BINANCE:BTCUSD BINANCEUS:BTCUSD FTX:BTCUSD GEMINI:BTCUSD BINANCE:BTCUSDT KUCOIN:BTCUSDT HUOBI:BTCUSDT OKEX:BTCUSDT BITTREX:BTCUSDT POLONIEX:BTCUSDT COINBASE:BTCUSDT BINANCEUS:BTCUSDT FTX:BTCUSDT BITSTAMP:BTCUSDT BINANCE:BTCUSDTPERP BYBIT:BTCUSDT BINANCE:BTCUSDT_PREMIUM
SP:SPX TVC:SPX OANDA:SPX500USD DJ:W1DOW NASDAQ:NQGI NASDAQ:NQGM CRYPTOCAP:TOTAL CRYPTOCAP:TOTAL2 CRYPTOCAP:TOTAL3 INDEX:SATSUSD BNC:BLX
*Symbol tags above, Ignore these*

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Zoom-in

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Green 'X' printed, sign of support being found & possible bullish continuation incoming!

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Not too much happening at the moment, still waiting

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Nice push from the Bulls

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More Bullish momentum supporting a major swing to the upside

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The 'meme line' I drew when Indicating the retest area has now become Rising Support somehow hahah

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Small update on the situation here, Holding above the previous support zone & creating a new rising support!

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Looking at the previous Idea posted, We could see some slightly descending momentum before the bullish upswing takes place!
Here is the previous Idea:

And the fractal was updated by copying each individual wave rather than the entire fractal (to get a more accurate target for the expected low of around 39k)

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^From above see the updates given below:

Fractal has been adjusted to better fit the scale of the current pattern

Here is the fractal overlaid on the price:
*Bit hard to see because it fits so well*

Here is the same fractal without price:

Here it is with similar presentation as the original Idea:

And Lastly zoomed in to see next stages & swings (based on fractal):

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Looking good still, Bullish momentum overall holding stronger than bearish attempts

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Looking good still

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Local breakout!

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Updated chart

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Local resistance breakout

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Key resistance flip to support

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Some good signs! another res. breakout, could see a retest soon however not required until a red is printed

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Woah, major bullish pressure, could see a move to that rising resistance and horizontal res. line

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Expected path

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Cleaned up the chart as best I could and added some more information on my current thoughts.

We are approaching an important area of resistance, so would be expecting some volatility to appear soon.

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Nothing major, just some choppy PA as we battle res.

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Something like this is also on the cards

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Possible downswing previously mentioned has been invalidated/become-less-likely

Looking good still on the bullish side of things with the new recent local higher high!

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stopped perfectly at resistance... could see a swing down on the macro here!

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or we could see some sideways chop for money rotation into and out of alts? somethin like that even?

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Resistance broken!!

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Current thoughts on Bitcoin's PA (Price Action) macro as well as my current thoughts..
Expecting 53k-ish area as the likely next 'top' for the imminent bounce (expected based on the structure on P&F chart)

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Related charts are scattered throughout this idea:

RandomOracle

Also on:

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