Bitcoin - When a simple formation can decide EVERYTHING!
Updated
This is BTC's only chance. Atleast In My opinion.
We can see on the 4hour chart that Btc is on a clear Downtrend ( straight white lines ) . Right now it just hit the resistance of the overhead line and is ready to go visit the other white line that is support.
BUT HOLD ON A SECOND! there has been a descending wedge forming from 22nd FEBRUARY!
the formation is formed with the overhead white straight line and the dashed white line
Im not saying that we might be bullish with bitcoin. but all im saying is, if there is any chance of bitcoin going up anytime soon, it will be IF it BOUNCES OFF the white dashed line!
the biased is obviously towards the downside and we all know there is no fundamental catalyst out there that might push bitcoin upwards, i consider the wedge to be last chance for bitcoin atleast in the short-mid term.
the red dashed line , the other white support line , and the baby blue support line all the way at the bottom, are the only supports i can see after the white dashed line im talking about.
i would like to add that at the price of 7640 is also a support that we might bounce off from although i find that unlikely.
BY FAR the smartest thing to do right now would be,is to set an alarm on the dashed white line. in that way you can assess what is going on down there when the time comes and set your buy orders accordingly.
if it doesnt act as support and pierces, i believe 6k should be inevitable ( which is likely ) but in case this DOES act as support SOMEHOW, we might see an upward trend that no one predicted. just wanted to shout it out there ya know!
i will also try to post a short term view on the update section. keep an eye, and if you do like this idea, leave a like!
feel free to criticize as im not a professional. i actually want to be criticized because i want to learn more.
im a youngster from southeast asia trying to make a living off of market analytics (just getting started though) so any help is appreciated
BTC donation public address : 1HUZH4PExh2JfTAX1hZuoioe6Dvt8ANnxw
We can see on the 4hour chart that Btc is on a clear Downtrend ( straight white lines ) . Right now it just hit the resistance of the overhead line and is ready to go visit the other white line that is support.
BUT HOLD ON A SECOND! there has been a descending wedge forming from 22nd FEBRUARY!
the formation is formed with the overhead white straight line and the dashed white line
Im not saying that we might be bullish with bitcoin. but all im saying is, if there is any chance of bitcoin going up anytime soon, it will be IF it BOUNCES OFF the white dashed line!
the biased is obviously towards the downside and we all know there is no fundamental catalyst out there that might push bitcoin upwards, i consider the wedge to be last chance for bitcoin atleast in the short-mid term.
the red dashed line , the other white support line , and the baby blue support line all the way at the bottom, are the only supports i can see after the white dashed line im talking about.
i would like to add that at the price of 7640 is also a support that we might bounce off from although i find that unlikely.
BY FAR the smartest thing to do right now would be,is to set an alarm on the dashed white line. in that way you can assess what is going on down there when the time comes and set your buy orders accordingly.
if it doesnt act as support and pierces, i believe 6k should be inevitable ( which is likely ) but in case this DOES act as support SOMEHOW, we might see an upward trend that no one predicted. just wanted to shout it out there ya know!
i will also try to post a short term view on the update section. keep an eye, and if you do like this idea, leave a like!
feel free to criticize as im not a professional. i actually want to be criticized because i want to learn more.
im a youngster from southeast asia trying to make a living off of market analytics (just getting started though) so any help is appreciated
BTC donation public address : 1HUZH4PExh2JfTAX1hZuoioe6Dvt8ANnxw
Note
after btc hit our white overhead trendline we can see btc goin down steadfast into the dashed whiteline which forms the wedge.
the yellow lines identifies the channel that is in for even safer buy points or quick scalps.
a break below of the yellow under the yellow line will point towards a bigger fall and break upwards the overhead yellow line should identify a small-scale breakout.
Note
might be decision time already!!!! ( pink drawing )
ive also added another wedge lining ( yellow dash ) from where btc might reverse from. it would also be smart to have an alert on that line. happy trading!
Note
wanna make money in the bear market? come check my dgd idea out! thanks so much!
Note
we are perfectly on track!
the price is trying to bounce off both the supports i pointed out ( red line and white dashed line ) keep an eye. if both of these are lost the yellow bright dashed line should be the last chance for btc until it goes down to 6k. happy trading folks!
Note
ahh. feels good when you make a good prediction doesnt it?
if my post has helped you gimme my 2 cents with a like, comment, or a donation. thanks so much! happy trading!
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