As counterintuitive as it sounds, the repeated tests of support we recently gave seen near 18k are a sign of weakness from Bitcoin. The more it revisits the area, the more probable the breakdown is.
At the same time the price is trading inside a massive falling wedge pattern, which will complete in Q1 2023. The end of the pattern is at confluence with the 2019 high at $11,000. What happens is, if Bitcoin continues to trade inside the pattern in a not very long amount of time (100-120 days from now) will fall again. Even more interesting is that between 11-13k is where now also two important diagonals support pass.
For those that predict BTC to be above 60K soon, even 30k, I see none of that occurring for at least 6 months from now. The trend isn't over yet and one way or another Bitcoin will reach $11k to 1$3k in Q4, or at the latest in Q1 2023.
Appreciate you support!
See you in the next one...
At the same time the price is trading inside a massive falling wedge pattern, which will complete in Q1 2023. The end of the pattern is at confluence with the 2019 high at $11,000. What happens is, if Bitcoin continues to trade inside the pattern in a not very long amount of time (100-120 days from now) will fall again. Even more interesting is that between 11-13k is where now also two important diagonals support pass.
For those that predict BTC to be above 60K soon, even 30k, I see none of that occurring for at least 6 months from now. The trend isn't over yet and one way or another Bitcoin will reach $11k to 1$3k in Q4, or at the latest in Q1 2023.
Appreciate you support!
See you in the next one...
King
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