Bitcoin bottom scenario. 11k region could be next.
This chart assumes the bottom is in here, and is one possible scenario using pitchfork analysis.
Notice the huge bullish wedge I've been pointing out for ages.
Also notice how much we've been bouncing on the boll lines since the formation of this blow off top wall street cheat sheet psychology of a market (psy)cle schematic. We have again reached the bottom bollinger band and have started a bounce back up. Depending on if we make a retest of the wedge trendline, we could choose to redraw the pitchfork and see where that takes us. Wedge should be valid either way as long as we have no fake moves, which could be devastating for the whole market. If we make a move up maybe 20-30% of what we would expect then dump back down and close below the wedge then very very bad news would be to come.
However this latest move to me seems bullish because buyers seem to be stepping in early. Up to you to decide if this is reality or simply a lot of spoofing and manipulation... Something to take into account was the huge OI drop around 7280 on bitmex yesterday.
These wedges play out more often than not, especially on the higher timescales. Personally I would be surprised if we go below 5k- 5500 in Q1 2020.#
Don't forget to leave a like!~~~~~
Notice the huge bullish wedge I've been pointing out for ages.
Also notice how much we've been bouncing on the boll lines since the formation of this blow off top wall street cheat sheet psychology of a market (psy)cle schematic. We have again reached the bottom bollinger band and have started a bounce back up. Depending on if we make a retest of the wedge trendline, we could choose to redraw the pitchfork and see where that takes us. Wedge should be valid either way as long as we have no fake moves, which could be devastating for the whole market. If we make a move up maybe 20-30% of what we would expect then dump back down and close below the wedge then very very bad news would be to come.
However this latest move to me seems bullish because buyers seem to be stepping in early. Up to you to decide if this is reality or simply a lot of spoofing and manipulation... Something to take into account was the huge OI drop around 7280 on bitmex yesterday.
These wedges play out more often than not, especially on the higher timescales. Personally I would be surprised if we go below 5k- 5500 in Q1 2020.#
Don't forget to leave a like!~~~~~
Please don't forget to leave a like if this analysis was useful to you!