Well that's enough downside for now, so what does the future hold? We need to break the 6230 area in order to look for more highs in a reasonable amount of time.
Chart 1 shows the Stochastics momentum indicator with support resistance, the price needs to break the 6230 area by February 3 in order for a fast retest to the all time high. By the way, the Stochastics is 5 waves down from a year ago.
Chart 2 is the area of future indecision before breaking out to the upside.
The alternative isn't shown. If the price breaks down from purgatory there's nothing in the way of price. First area of support 1900 to 2900
The pattern that's tell tale for Bitcoin to have .......found bottom here........is the triangle from July to November. The move that comes out of a triangle is the final move.
How can we tell that the final move has ended? The final 4 hr. bar chart is a 5 wave ending diagonal / wedge. The name says it all...... ending diagonal.
I should add the first 2 charts are weekly and the week hasn't ended yet so anything could happen between now and Sunday. However, there's enough evidence that the momentum is thorough enough to carry on. Not to mention, this consolidation (that's what I call it rather than a crash) is similar to the consolidation from
2013 to 2015
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So in ending........ Use critical thinking and think for yourself.
