Bearish divergences building, descending triangle forming, technicals are bearish. Possible short-term trade opportunity. Good risk-reward ratio.
Final wash out commencing. Well maybe more to wash out.
Unlikely, but looks interesting so I posted this. Will be buying all dumps anyway.
I have plotted 3 green dashed trend lines as potential lines for an upside reversal. Highest Angle Slope: Is measuring the steepest ascent from Q1 2019. Lowest Angle Slope: Is measuring the regression mean from Q1 2019. Mid Angle Slope: Is roughly the mid point of the two lines above. It makes more sense to see us reach the "Mid Angle Slope" and hit around $6k...
We could have a scenario play out where nothing much happens for a few years besides consolidation.
Accumulation in progress, bear shake out in progress. We will take a dip down near the low $8k region before buyers pump prices to the low $9k region, dip down to the mid $8k region then pump to the $11.4k level effectively breaking out of the orange triangle consolidation. Then dip back down to the high $9k / low $10k region before pumping up for new highs near...
I feel we will have a long consolidative phase with multiple shakeouts going into the next halving.
All indicators fire long. Bitcoin must hold $9.2k minimum over the next few days. FOMO buyers will enter and media will go beserk. Next week should be good.
Red line indicates expected price movements.
Waiting for RSI to hit back down to daily chart lows or make fresh cross upwards.