That hurted pretty badley, theres no denying in that. But is all lost? I dont think so, yes we broke the bottom of 5900 dollar, but that doesnt have to be a problem.
What if that bottom was never of any importance and, looking at a bigger timeframe, a falling wedge is the dominant pattern? The bottom trendline in yellow has only been tested two times and what if bitcoin is gearing up to test it for a third time before breaking to the upside?
On the weekly chart the MACD is showing massive bullish divergence and volume, although a bit less, is doing the same. We do not get the same confirmation from the RSI, but remember, back in the 2014 bear market it didnt either.
I recon bitcoin is in for one more last drop in the falling wedge to the former high of 5 k before breaking out to the upside.
What if that bottom was never of any importance and, looking at a bigger timeframe, a falling wedge is the dominant pattern? The bottom trendline in yellow has only been tested two times and what if bitcoin is gearing up to test it for a third time before breaking to the upside?
On the weekly chart the MACD is showing massive bullish divergence and volume, although a bit less, is doing the same. We do not get the same confirmation from the RSI, but remember, back in the 2014 bear market it didnt either.
I recon bitcoin is in for one more last drop in the falling wedge to the former high of 5 k before breaking out to the upside.