How big is the rising wedge of frustration bitcoin?
Now many indicators and traders find signals for the fall of bitcoin, I will try to add one more reason, and as a result, it may turn out
We look at the chart from afar. It is easy to guess the support line that has been drawn since 2013, the one that Bitcoin falsely broke through in March 2020.
In early May, the second breakout, it's hard to believe that the second breakout will also be false. Most likely, now we will see exactly what the breakout of the main support line is.
From above, you can draw (a little ignoring the top of the hype of 2017) an ascending wedge. I went crazy when I saw that this wedge starts when bitcoin was worth 200 bucks.
The breaking of such a wedge is a serious event for bitcoin holders, growth into the past support zone will now be resistance (now around 44,000).
The figure head and shoulders where the 3rd shoulder is below the first two is a completely real signal to fall into the zone 17-19 000 (return to the previous peaks), this will only turn on the trigger for working out the breaking of the wedge.
Any growth will need to be perceived as a rebound of a dead cat to a retest of the same line of already resistance. Then there will be a confident continuation of the fall to the nearest zone. At this moment, another head and shoulders will be drawn, with a descent of 7000-8000.
This is completely normal, because at the beginning of the wedge BTC cost 200 bucks, and this is the real people who bought it, and in the world of finance it was already well known.
We look at the chart from afar. It is easy to guess the support line that has been drawn since 2013, the one that Bitcoin falsely broke through in March 2020.
In early May, the second breakout, it's hard to believe that the second breakout will also be false. Most likely, now we will see exactly what the breakout of the main support line is.
From above, you can draw (a little ignoring the top of the hype of 2017) an ascending wedge. I went crazy when I saw that this wedge starts when bitcoin was worth 200 bucks.
The breaking of such a wedge is a serious event for bitcoin holders, growth into the past support zone will now be resistance (now around 44,000).
The figure head and shoulders where the 3rd shoulder is below the first two is a completely real signal to fall into the zone 17-19 000 (return to the previous peaks), this will only turn on the trigger for working out the breaking of the wedge.
Any growth will need to be perceived as a rebound of a dead cat to a retest of the same line of already resistance. Then there will be a confident continuation of the fall to the nearest zone. At this moment, another head and shoulders will be drawn, with a descent of 7000-8000.
This is completely normal, because at the beginning of the wedge BTC cost 200 bucks, and this is the real people who bought it, and in the world of finance it was already well known.
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