Hello,
Not advice, not an expert, but I've done well and continued to make money in the bear market. Mostly, I guess, I like making charts almost as much as I like making money.
So what I see here are some fib levels set from the drop out of the False Hope Phase, all playing within a very strict falling wedge. Of course, a falling wedge is usually a reversal pattern to the upside, so obviously this isn't too bad. Bitcoin will not become "worthless".
The fib levels seem to be a pretty accurate indicator in this situation, first acting as support then as resistance on two occasions. I think it may go up from this .618 line to the top of the falling wedge again before it drops. However, I won't be buying here because as I drew in, the risk/reward ratio is highly unfavourable.
So again, I think it's a short situation down to .5 fib at the very least, and more likely the next level down before we see a bullish rally for a measured move from the wedge. Should this all pan out, I think that bull rally will double top just like it did in the False Hope phase, and we'll have a bit more consolidation before BTC begins to make solid moves upward again. But we'll see when we get there.
Happy trading.
Not advice, not an expert, but I've done well and continued to make money in the bear market. Mostly, I guess, I like making charts almost as much as I like making money.
So what I see here are some fib levels set from the drop out of the False Hope Phase, all playing within a very strict falling wedge. Of course, a falling wedge is usually a reversal pattern to the upside, so obviously this isn't too bad. Bitcoin will not become "worthless".
The fib levels seem to be a pretty accurate indicator in this situation, first acting as support then as resistance on two occasions. I think it may go up from this .618 line to the top of the falling wedge again before it drops. However, I won't be buying here because as I drew in, the risk/reward ratio is highly unfavourable.
So again, I think it's a short situation down to .5 fib at the very least, and more likely the next level down before we see a bullish rally for a measured move from the wedge. Should this all pan out, I think that bull rally will double top just like it did in the False Hope phase, and we'll have a bit more consolidation before BTC begins to make solid moves upward again. But we'll see when we get there.
Happy trading.