Welcome back to no man's territory
As I predicted, bitcoin has completed a re-test of the big broadening wedge formation. The monthly candle closed just below the trend line, exactly in no-man's territory. As for me, this means only one thing - further declines.
The next stop is somewhere around $12,500-13,500 (TP1). There is a chance that this will be the real bottom, although as you can see on the chart this price only marks the middle of the big downward channel below. Hence, I conclude that the real bottom will be revealed only in December (TP2).
The next stop is somewhere around $12,500-13,500 (TP1). There is a chance that this will be the real bottom, although as you can see on the chart this price only marks the middle of the big downward channel below. Hence, I conclude that the real bottom will be revealed only in December (TP2).
Note
It looks like bitcoin has once again tried unsuccessfully to overcome the upper band of the downward channel it is currently in. Well, I think we will already see a nice red candle at the end of this week.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.