BTC Most Simple Technical Look
If we erase fundamentals from our minds, no news, no cycles, war, inflation... Just look at the chart like it's some random stock, commodity or fx pair, I am pretty sure this what me, or any other analyst would see and say.
On a weekly time frame we see a huge rising wedge (usually bearish) , with very bad rsi divergence. I mean weekly charts are extremly relevant when looking a long term picture. I will let you decide your self, but if we break the wedge to the down side first hold is at 20k...although measured move would take us to somewhat 8k.
If we manage to hold the level and go up and test the upper side of the wedge, first target is 70k. Obviously that would be a higher high and potential of reaching 100k would be very realistic.
I am leaning to the down side. Let me know your expectations and predictions in the comments.
George
On a weekly time frame we see a huge rising wedge (usually bearish) , with very bad rsi divergence. I mean weekly charts are extremly relevant when looking a long term picture. I will let you decide your self, but if we break the wedge to the down side first hold is at 20k...although measured move would take us to somewhat 8k.
If we manage to hold the level and go up and test the upper side of the wedge, first target is 70k. Obviously that would be a higher high and potential of reaching 100k would be very realistic.
I am leaning to the down side. Let me know your expectations and predictions in the comments.
George
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