A case for the bulls. Relief rally to pre-FTX levels Although I remain bearish on bitcoin for the moment until bullish confirmation occurs, here I showcase an idea for a potential reversal in bitcoin price. It's good to have healthy skepticism, and to trade without bias.
Here we see the possibility of bitcoin forming an Adam and Eve bottom pattern on the right chart, with a potential bullish gartley harmonic. This possible bottom formation is corroborated by a large falling wedge formation on the bitcoin weekly chart (left chart), which is supported by a very prominent bullish divergence on the weekly chart RSI.
If bulls can break above, and subsequently find support at the 18.2k-18.4k region, we could very well see a fast trip back to pre-FTX price levels.
