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    Home»Technical analysis»Bitcoin – You haven’t seen this before! New triangle + wedge
    Technical analysis

    Bitcoin – You haven’t seen this before! New triangle + wedge

    By TolbertiSeptember 9, 2022No Comments
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    Bitcoin on the weekly chart
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    • Everyone is extremely bullish right now and is saying the bottom is in. But I am still very sceptical. We are having a relief uptrend as predicted in my last analysis.
    • The downtrend is really strong and there is absolutely no sign of a trend reversal at this moment!
    • As you can see on the weekly chart, we have an incomplete falling wedge pattern and clearly there is still a lot of price action missing.
    • It looks like we are creating a trading range on the daily chart . Something like a symmetrical or descending triangle .
    • Regarding my Elliott Wave analysis, I think we can create some kind of triangular formation before continuing lower.
    • The question is, how much lower can we go? We have a gap at 12 500 USDT, which is a reasonable target and the one and only one support on this particular chart. We can use a fibonacci extension from wave 3 to wave 4, but it’s still too early because we don’t know if wave 4 was completed or not.
    • If the trading range is confirmed, then altcoins can moon during this phase and Bitcoin’s dominance should continue in the downtrend.
    • https://www.tradingview.com/chart/BTCUSDT/7CSf1gMs-Bitcoin-You-haven-t-seen-this-before-New-triangle-wedge/
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