a longterm Bitcoin BTC trend, I expectsteemCreated with Sketch.

in #bitcoin2 years ago

pure technical stuff here! no maximalist sh!t or news trading, some say fundamentals... nope! just TA...

this weekly chart of Bitcoin BTCUSDT and my comments below the chart:

BTCUSD_2022-11-15_13-44-47.png

there is a falling wedge, two pushes up with red circles, you can imagine a third push up hasn't reached the trend line (Aug 8th). so there is a gap there which is because of a hidden bearish divergence (June 6th and Aug 8th's peaks)

ALSO we can see a bearish divergence formed right now, so another attempt for below supports is "expected"; and then I will be waiting for a break out of this falling wedge.

So:

  1. from where this rally may start? I recommend ~$12.5k support. but it may start before reaching that level.

  2. how I will know the rally started? with a formed and confirmed bullish regular divergence in the two recent bottoms.

  3. when I enter? confirmation of said divergence.

Target?
the break out will be considered a wave (1). I expect 3 bullish waves and two corrections (pullbacks)

important:

nor the bullish waves neither corrections are not simple and sharp as the lines I have put on the chart! especially wave (4) is often a very complex and confusing wave.

Coin Marketplace

STEEM 0.20
TRX 0.13
JST 0.030
BTC 64689.90
ETH 3450.92
USDT 1.00
SBD 2.50