As mentioned in the first published idea on this topic, it is clear that Bitcoin predominantly finds support and resistance on a series of up and down trend-lines able to be plotted on a log chart over longer time frames. Horizontal support and resistance are of secondary and ephemeral importance.
As we can see here $BTC just became heavily oversold and seems to have confirmed a long term bullish wedge pattern. Between now and the end of the year we will likely see the top of the wedge retested, At that point we will likely see a failure to break out to the upside followed by a new price drop to BTCUSD $4975 which I expect to be the bottom of the crypto bear market.
Bitcoin will likely continue to follow these lines for the foreseeable future. This is the second in a series of three ideas related to the past present and future of Bitcoin price action.
As we can see here $BTC just became heavily oversold and seems to have confirmed a long term bullish wedge pattern. Between now and the end of the year we will likely see the top of the wedge retested, At that point we will likely see a failure to break out to the upside followed by a new price drop to BTCUSD $4975 which I expect to be the bottom of the crypto bear market.
Bitcoin will likely continue to follow these lines for the foreseeable future. This is the second in a series of three ideas related to the past present and future of Bitcoin price action.
