BTC DownWedge to finally break vs this markets Birth Prices
This market was created by it's reconfirmation of the $6,500 value support of the previous market (A) followed by a messy confirmation of $7,300 or so. A few confirmations of $7,400 and euphoria launched prices way upward into overbought territory (B). The market has been recovering ever since, reverberating a few times through a declining wedge (C, D, and now E). For the first time, the ceiling of the market's downward wedge is challenging the very support that gave rise to it between $6,500 and 7,400 (E).
That means we're not talking about overbought failures anymore when we face the top of the wedge , we're talking about confirming a broadly agreed value. This time, the top of the downward wedge , by far its most dangerous side, should fail to resist the bulls and be broken for the first time since it was created. It might get messy, but not anywhere south of $6,500. It is also possible we see a bounce from $6,500 that puts us back over the 50-day, which tends to provide brief support.
This event is the most important opportunity for the bulls since Summer 2019 and should see a large reflex upward. I expect a "calm before the storm" when $7,400 is reclaimed, followed by another massive jump. If not, expect a bounce off the lower end of the overall declining wedge to again confirm $6,500, we'll see an "F" event followed by a jump like I described above.
Quick Note - it is possible to read the charts and suggest this market was really born at $3,500, but I disagree. I think that price level was an extension of an oversold market while "nerves" were really rough. It won't get that low again.
That means we're not talking about overbought failures anymore when we face the top of the wedge , we're talking about confirming a broadly agreed value. This time, the top of the downward wedge , by far its most dangerous side, should fail to resist the bulls and be broken for the first time since it was created. It might get messy, but not anywhere south of $6,500. It is also possible we see a bounce from $6,500 that puts us back over the 50-day, which tends to provide brief support.
This event is the most important opportunity for the bulls since Summer 2019 and should see a large reflex upward. I expect a "calm before the storm" when $7,400 is reclaimed, followed by another massive jump. If not, expect a bounce off the lower end of the overall declining wedge to again confirm $6,500, we'll see an "F" event followed by a jump like I described above.
Quick Note - it is possible to read the charts and suggest this market was really born at $3,500, but I disagree. I think that price level was an extension of an oversold market while "nerves" were really rough. It won't get that low again.
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