Yesterdays Bitcoin Rekt! When bears are win the battle. From $6500-6300 holding the support level was broken. As I’ve notice on every community group asking for the possible bottom of BTC, based on my personal technical analysis (60correct/40wrong|maybe), I pick some possible bottom of bitcoin between the cross validation into the current chart.
Daily time frame, pattern show on BTC/UST is a falling wedge pattern, this means that the price has been falling overtime, trendlines drawn above and below the price chart pattern can converge to POINT a BULLISH reversal signal. So at this point, the crypto would be expected to reverse higher in the upcoming days. As a traders identified the bullish reversal signals, it would want to place a buy order, so it possible that some altcoins price will rise once a certain price point is reached.
Also, if a bullish signal has been identified on the horizon a trader could potentially buy call options on BTC at the low price indicated by the falling wedge trough. You could also initiate a below the market limit order as the pricing chart approaches a potential trough. Technically, in all scenarios resulting from the identification of a falling wedge price point, you would seek to gain on the potential for the appropriate price to begin rising in the future. - PS. some quote inserted above are from Investopedia
Lets get into the bigger picture.
4 hour time frame, I consider that $6000-5900 is my bottom on BTC/USD. This might not accurate, as anytime can have a breakout or maybe occur a pullback. As no one experts predict the exact price. Aside from being super volatile. Crypto is all about the understanding Psychology & Emotions.
PS. Article you've read above is for educational purposes only and not an investment advise, do your own research and acquired enough knowledge in crypto before you take an action. Hope this helps!
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