Bitcoin's Many Options
Bitcoin failed to bounce off its lower trendline as convincingly as the bulls might have liked. It looks like it might be coming around for another pass so I've sketched some possible outcomes for it:
1. The upper trendline of the falling wedge is broken and the price shoots up in the short term before continuing to progress to the mid-term upper trendline. The falling wedge is a bullish pattern but I can't be certain that this one's legitimate.
2. The widening channel breaks to the upside or the price bounces off the lower mid-term trendline and then continues gradually to the upper mid-term trendline.
3. The price breaks the widening channel to the downside and fails to bounce off the lower mid-term trendline, breaking down into perilous territory.
For the time being, we're hovering above the fib support, but if things go too far south, we might see the core. Overall, I'm short-term bear and long-term bull, hence the "neutral" tag. The mid-term is difficult to judge right now.
1. The upper trendline of the falling wedge is broken and the price shoots up in the short term before continuing to progress to the mid-term upper trendline. The falling wedge is a bullish pattern but I can't be certain that this one's legitimate.
2. The widening channel breaks to the upside or the price bounces off the lower mid-term trendline and then continues gradually to the upper mid-term trendline.
3. The price breaks the widening channel to the downside and fails to bounce off the lower mid-term trendline, breaking down into perilous territory.
For the time being, we're hovering above the fib support, but if things go too far south, we might see the core. Overall, I'm short-term bear and long-term bull, hence the "neutral" tag. The mid-term is difficult to judge right now.
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