Our recent point of major confluence validates, for me, two major patterns Bitcoin is exhibiting right now.
We seem to be in a bearish descending triangle, which is due to terminate around 16 September. Third touches of trendiness can often be false breakouts, so be careful for a bull trap.
We can say with even more confidence, however, that we are currently within a longer bullish falling wedge. This pattern is due to terminate around 6 February 2019.
A close with continuation over $8,525 signals the beginning of a bull market; a close with continuation over $10,084 confirms it.
Bitcoin should not drop below $4,075, and I'd be very surprised if it got that low.
We seem to be in a bearish descending triangle, which is due to terminate around 16 September. Third touches of trendiness can often be false breakouts, so be careful for a bull trap.
We can say with even more confidence, however, that we are currently within a longer bullish falling wedge. This pattern is due to terminate around 6 February 2019.
A close with continuation over $8,525 signals the beginning of a bull market; a close with continuation over $10,084 confirms it.
Bitcoin should not drop below $4,075, and I'd be very surprised if it got that low.