The Falling Wedge Formation is a bullish pattern. While symmetric triangles have no definite slope, falling wedges definitely fall down and have a bullish correction. This bullish trend can only be realized after a breakout of the resistance!!!
Let's see what happens. Happy trading. :-)
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support. up?
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showtime!?
Trade geschlossen: Ziel wurde erreicht
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target reached. position closed. wait for reentry.
why dont you use log scale for such a long timeframe?
Linear scale for such large movements makes no sense at all imo
BTCINVESTING
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@coinling, thx for your comment. it depends. you can do both. here are my log charts...
coinling
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@btcinvests, ok . like those better. don't you think every bubble should be some kind of longer and flatter than the previous one ? Or do you think we are still so early stage and low marketcap that it might be the same as 2013-2016. I rather thought we would not drop that low , so stay in 4-7k range for 2 years and go from that on. but as we dropped to 3k, it might as well have a faster correction upwards like the previous ones.
But what do you think of the duration between the bubbles ?
coinling
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@btcinvests, another point is that we had 3 bubbles so far.
Sothere might be some kind of ABC correction and we fall below 1200$ , how likely do you see such scenario ?
BTCINVESTING
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@coinling, thanks for your comment. in principle you're right, but at bitcoin halving is a decisive factor for the price development. if the bitcoin doesn't die completely, i think the next halving will determine the next price development and timeline. of course, the price can drop to around 3000, but only for a short time. now you're wondering: will the bitcoin die? ;-) :-))
I copied in the week view for you.
kenj1
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Falling wedge pattern only works on shorter timeframes and BTC being heavily manipulated by tether exchanges squeezing every drop out of 6k support indicates to me that bear aint over. I’m thinking may / June will provide a nice bottom to set the stage for the next run up.
BTCINVESTING
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@kenjoyable, If the resistance line will break, a further uptrend is likely. Regarding the short-term - how did you find out?