IMO we are seeing a large descending wedge, not a descending triangle. We are currently on the 0.146 weekly Fib retracement and seen some significant bullish price action recently at these levels.
If we do break down through the wedge, I expect we will go down to the 5000 region. As such a round number, less than people have been able to buy bitcoin for a good part of a year and the exact 1.618 extension of the first December drop, it's hard to see dropping past that point. Hopefully, we would instead see the start of a sharp trend reversal propelled by the massive 1.618 extension being met
If we do break down through the wedge, I expect we will go down to the 5000 region. As such a round number, less than people have been able to buy bitcoin for a good part of a year and the exact 1.618 extension of the first December drop, it's hard to see dropping past that point. Hopefully, we would instead see the start of a sharp trend reversal propelled by the massive 1.618 extension being met
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We also have a hidden bullish divergence:
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Few points of confirmation here:
- Daily candle closed as bullish engulfing
- Above average buy volume
- MACD crossed bullish on same high volume candle
- Stochastic RSI crossed bullish on same high volume candle
- Daily candle closed as bullish engulfing
- Above average buy volume
- MACD crossed bullish on same high volume candle
- Stochastic RSI crossed bullish on same high volume candle