Counter-Idea on Bullish Breakout Pattern Formation
I agree with the general analysis by www.tradingview.com/.../TraderFromTheNorth/ in his related idea (link below).
![BITCOIN [ BTC ] - BULLISH Breakout Pattern Forming...](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
My thinking is that the bullish falling wedge will play out as shown in my chart. The last local high at $51K (27th Dec) will be the first touch of the top of the wedge and then further touches will form before we breakout to the upside.
Basically my belief is that we will have more downside over a longer period of time before capitulation and then the breakout.
Also see my last analysis on BTCD which aligns with this thinking that more short-term selling will take place before the recovery:
Interested in your thoughts on this below 👇
![BITCOIN [ BTC ] - BULLISH Breakout Pattern Forming...](https://s3.tradingview.com/7/7bWanaFp_big.png)
My thinking is that the bullish falling wedge will play out as shown in my chart. The last local high at $51K (27th Dec) will be the first touch of the top of the wedge and then further touches will form before we breakout to the upside.
Basically my belief is that we will have more downside over a longer period of time before capitulation and then the breakout.
Also see my last analysis on BTCD which aligns with this thinking that more short-term selling will take place before the recovery:
Interested in your thoughts on this below 👇