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BTCCNY Possible Falling Wedge Long Setup Forming on 30m
This time it looks like a falling wedge. Price bound in the wedge currently and bullish divergence on RSI. I'm thinking there'll be one more drop to flush out the bottom shorters, but who knows with BTC. It could even just break out from here. Either way, the bounce is going to be pretty epic.
There's a pretty low chance that price falls below 5000. There should be tremendous support in the 52-5400 range given how long the price hung out there before the breakout. As it is, we've gotten a 100% retrace of the rally from the breakout on December 20.
Will have to see how it looks from there, but I sincerely doubt we'll be seeing 8000+ until at least a few months have passed given how vicious and prolonged this drop has been.
There's a pretty low chance that price falls below 5000. There should be tremendous support in the 52-5400 range given how long the price hung out there before the breakout. As it is, we've gotten a 100% retrace of the rally from the breakout on December 20.
Will have to see how it looks from there, but I sincerely doubt we'll be seeing 8000+ until at least a few months have passed given how vicious and prolonged this drop has been.
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