With bitcoin and the other alts getting pinched out of their wedges and looking like they may be staging a coup d'bears, it's important to be aware that if Bitcoin bounces off the top of the descending channel line, it could still form a double bottom using the original triangle as support (supported by fibonacci retracement. Many think that it could go any lower, but that is unlikely imo.
Supporting a breakout are the head and shoulders target (red vertical line), the 50/200 EMA converging on the 4 hour chart (they already crossed on the 1 hour chart), and the ascending MACD trendline. If it does breakout, we can still expect a minor correction, just not as deep. Stay tuned!
Healthy trading and profitable investments,
The Freedom to Be
Legal Disclaimer: The information provided herein is for informational, or entertainment purposes only. I am not providing financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs, and only invest what you are willing to lose.
If you profit from this idea and would like to keep the charts coming, wallets are below:
BTC: 13mG7EsCBB3wK2pQnV4zXqXUXmnVtCbmS6
LTC: LTfKUD4g4zytwbLFsFCJyG6N55xu3mtZYJ
ETH: 0x800fe4a5a75af9034f4982c04bdd4b557dca0f3f
BCC/BCH: 1QmchfEizCkLLweNySkAJmBCJ6zEtfkBB
