I have been very bullish on BTCUSD in this current formation, expecting a pump up to roughly 11k for a while now, and I have experienced a bit of a bother. Namely, my wedge structure has fallen down. I have been looking at the bold black line to turn from resistance to support and as initially drawn it has clearly failed. Now, falling wedges can have a "dip" that allow you to catch the uptrend from an even more advantages position. This may be one of those cases.
Now of course when you chart and you see a breakdown there is the very human desire to tweak your lines, and that is what the dashed black line does. And when we do that we look for some other justification.
My first justification is in the main chart, where we see a technical double bottom which may be a platform for the RSI to pump into the oversold area.
Secondly is the chart below, which shows that the price action has just kissed the 50w EMA. Now if that isn't solid footing for a bounce then I don't know what is.
Now of course when you chart and you see a breakdown there is the very human desire to tweak your lines, and that is what the dashed black line does. And when we do that we look for some other justification.
My first justification is in the main chart, where we see a technical double bottom which may be a platform for the RSI to pump into the oversold area.
Secondly is the chart below, which shows that the price action has just kissed the 50w EMA. Now if that isn't solid footing for a bounce then I don't know what is.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
