BTC ITS A FAKE OUT
IDEA: So BTC has been getting torched for almost the entire year now, with supports being blasted through and a drop to nearly 3600 the market is started to get exhausted in my opinion. I'm seeing a lot of sentiment of bitcoin going to 1200 and 1000 but i really dont see that happening. I think this past drop was a fake out and here's why. We've formed a massive falling wedge on the daily which has almost 8 touches for the trend lines. Falling wedges signal trend changes. ATR (Average true range) is showing signs of being bottomed out and exhausted which would mean a big move is still inevitable. There's also starting to form a bullish divergence on the RSI with it rising and the price falling. Other things like an all time low RSI of 10 which we double bottomed from have never happened and when they did reach lows about 18-20 they still climbed and price moved up after the 2014 bear market. Other things to take note. Price action on the weekly has doji and rejected support twice at 3500, With selling losing momentum and candles dojing on the weekly. In my opinion i forsee her holding and pushing. Ya heard it here first when it flips! Catch ya later
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