This is my first crack at triangles and wedges supported by trend lines so please do not take this chart too seriously.
BTC 1.86% broke out on its initial descent through the first trend line symmetrical triangle in an uptrend that ended up coming to an end and signaling a massive downtrend reversal.
As we can see we are clearly in a downtrend as we are continuing with lowers highs and lower lows. Until the next high is broken we will continue down the falling wedge . So far we have found support at the next trend line which is close to $6600. We bounced right off of it thankfully, otherwise we would've seen a further fall. If we can consolidate here there may be potential to break the wedge and begin a new bullish cycle by breaking resistance at around $9400. In addition, so long as it does not go below the trend line , a little consolidation, and we could break the triangle in an uptrend as well. Obviously, falling below this trend line puts us at the next one, and so on and so forth. Personally, I do not foresee us reaching close to the $3000 level as that would likely confirm a crash as miners would need to halt their operations as they would face significant losses.
Pay close attention to BTC 1.86% over the next few days, but also the stock market as it seems the global markets in general are in a downtrend after record highs. The stock market might directly correlate with BTC 1.86% , and it has taken a tumble dropping close to 1200 points today, the highest it has ever been since the previous rescission in 2008. If the stock market rebounds, I expect crypto to rebound. If it continues to descend, we may be looking at lower lows.
I am not a financial adviser, this is not financial advice. This is an educational chart. Please do with it what you must. Any constructive feedback is greatly appreciated! Thank you!
BTC 1.86% broke out on its initial descent through the first trend line symmetrical triangle in an uptrend that ended up coming to an end and signaling a massive downtrend reversal.
As we can see we are clearly in a downtrend as we are continuing with lowers highs and lower lows. Until the next high is broken we will continue down the falling wedge . So far we have found support at the next trend line which is close to $6600. We bounced right off of it thankfully, otherwise we would've seen a further fall. If we can consolidate here there may be potential to break the wedge and begin a new bullish cycle by breaking resistance at around $9400. In addition, so long as it does not go below the trend line , a little consolidation, and we could break the triangle in an uptrend as well. Obviously, falling below this trend line puts us at the next one, and so on and so forth. Personally, I do not foresee us reaching close to the $3000 level as that would likely confirm a crash as miners would need to halt their operations as they would face significant losses.
Pay close attention to BTC 1.86% over the next few days, but also the stock market as it seems the global markets in general are in a downtrend after record highs. The stock market might directly correlate with BTC 1.86% , and it has taken a tumble dropping close to 1200 points today, the highest it has ever been since the previous rescission in 2008. If the stock market rebounds, I expect crypto to rebound. If it continues to descend, we may be looking at lower lows.
I am not a financial adviser, this is not financial advice. This is an educational chart. Please do with it what you must. Any constructive feedback is greatly appreciated! Thank you!