No need to get bull-hater with me, but the Bitcoin/USD market is a business, up or down. Answer a question: What is expected to happen with a wedge pattern? I tell you it's not a path with the destination to the abyss of "$2,000" "$5,000" (*¬*) What is expected is a breakout!
No I am not necessarily assuring Bitcoin is now confirmed Bullish , but as this market flows money is made. The wedge in and of itself does not assure an uptrend to the moon (I speaking to the bear-minded ones), rather, according to this trendline the wedge allows traders to have an entry point and to take profit at least up to the main downtrend line. That is now the plan being made in front of all. Bitcoin cannot go down much more for now, nor is it assured to go lower.
________________________________________________ I speak now, I spoke then, At the moment I will say
I see you want to share charts on the same idea. I'm a lot more bullish though and not leaving room for the potential of a capitulation.
TEXAGG22
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so what is new target now that 1-4 day breakout has been made?
YardleyRosette
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@TEXAGG22, Mid-long term: ~$8,800. As every day passes the longer-term downtrend line resistance lowers so expected target will vary day by day.
TEXAGG22
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@YardleyRosette, you are expecting downtrend to hold us in and bounce back to bottom of channel ?
YardleyRosette
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@YardleyRosette, While we near the 'major' pullback/reversal at the downtrend line, we'll see most likely end of rally (into expected retracement). For now, honestly, according to my Fibonacci extensions using the Fib Retracement tool I estimate BTC to range within ~$8,500 to the trendline.
With an earlier pullback before reaching it, my expectations could change with the market to be flexible for seeking best opportunity. That's why I don't say "This will happen in over 2 years", because personal expectations do not create facts, but public facts have the potential of realizing expectations caused by the facts all know. Anyway, you got my answer.
Techmology
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But, that's what happens when people start to get all worked up and not do their homework like us right?
Techmology
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I'm not sure I'd say it's unexpected for us to retrace to the .618 on a wave 4 primary. A capitulation would be the unexpected thing and signal the toxicity of BTC with another capitulation to follow next year
I see you want to share charts on the same idea. I'm a lot more bullish though and not leaving room for the potential of a capitulation.