This is a continuation of my last chart about BTC and the two trendlines.
To the point. BTC has formed a longer triangle, and is currently targeting the long term trend-line which it has tested three times before.
During the last two visits, BTC formed a thin wedge sub-wave in RSI. I have highlighted this pattern and its corresponding chart position A, B, C. After point A and B, BTC has fallen to retest the bottom of the wedge in the RSI. It looks like this is happening again with point C, and we have just had a rebound on the RSI on the bottom of the wedge.
I measured the losses made after point A and B then divided them to find a ratio to use to make a prediction or confirmation of the size of the drop at C, and therefore be able to estimate whether we would see 6800-7000 or start the next leg up.
Drop at Point A - 6180
Drop at point B - 2625
Ratio between Drop at point A and B = 2.3542
Drop at point C = Point C - (2625/2.3542)
Bottom at point C = 8650-1115 = 7535
Estimated Bottom using that method points to a 7535 bottom.
We have actually gone past this theoretical bottom, but not by much, and far short of 6800-7000. We have only dropped below to test the top of the next line of support. If this pattern holds then it would confirm 1) The momentum pattern confirming a bullish wedge. 2) The beginning of a valid 3rd wave that should take us above Wave 1 at 10k after a massive retracement.
It would not confirm a bull market.
If 7400-7500 does not hold then we will certainly visit 6800-7000, which is our last line of defense before a huge amount of loss. There isn't much buying support until we go way down - about as low as the ave price to mine btc.
Be careful, this is trading semantics and not trading advice. There is a lot at play.
We are currently forming a spining top on the 1D. That will please holders.
To the point. BTC has formed a longer triangle, and is currently targeting the long term trend-line which it has tested three times before.
During the last two visits, BTC formed a thin wedge sub-wave in RSI. I have highlighted this pattern and its corresponding chart position A, B, C. After point A and B, BTC has fallen to retest the bottom of the wedge in the RSI. It looks like this is happening again with point C, and we have just had a rebound on the RSI on the bottom of the wedge.
I measured the losses made after point A and B then divided them to find a ratio to use to make a prediction or confirmation of the size of the drop at C, and therefore be able to estimate whether we would see 6800-7000 or start the next leg up.
Drop at Point A - 6180
Drop at point B - 2625
Ratio between Drop at point A and B = 2.3542
Drop at point C = Point C - (2625/2.3542)
Bottom at point C = 8650-1115 = 7535
Estimated Bottom using that method points to a 7535 bottom.
We have actually gone past this theoretical bottom, but not by much, and far short of 6800-7000. We have only dropped below to test the top of the next line of support. If this pattern holds then it would confirm 1) The momentum pattern confirming a bullish wedge. 2) The beginning of a valid 3rd wave that should take us above Wave 1 at 10k after a massive retracement.
It would not confirm a bull market.
If 7400-7500 does not hold then we will certainly visit 6800-7000, which is our last line of defense before a huge amount of loss. There isn't much buying support until we go way down - about as low as the ave price to mine btc.
Be careful, this is trading semantics and not trading advice. There is a lot at play.
We are currently forming a spining top on the 1D. That will please holders.
Nota
Elliot patternImpulsive and corrective wave 5/3 pattern possibility
Would put wave 3 above $12000 if follows
This pattern isn't yet proven but is supported by the RSI theory. It would also validate double bottom inverse head and shoulders.
Nota
Ichi Cloud 1W which has often been such a great support and guider of uptrends would guide us up to the 12K+ target where it tops out. 
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.