BTC is at what looks to be near the end of a descending wedge (blue). Descending wedges are signs that a corrective phase is almost over, as price swings tighten and narrow down to a point. This means buyers are coming in more quickly each time, and will eventually exhaust the sellers. When that happens, the only way to go is up, like happened after the last descending wedge at the end of June (purple).
The last descending wedge (purple) ended at around the $9,700 area (3nd yellow line - point C of its A-B-C correction). It is possible the current wedge (blue) will go that far too. However, the current wedge started at a higher point, and already put in a pause at the $11,000 area (1st yellow line - the new point A of its A-B-C correction) and another pause at the $10,350 area (the new point C of its correction). So it is possible the current wedge has already put-in a bottom.
But then again, this is Bitcoin , remember. And BTC will continue to swing in exaggerated sweeps. If it does break down below $9,700, look at it as a buying opportunity, because as I mentioned in my earlier posts, the USD is going to weaken over the next year and a half due to interest rate cuts by the FOMC, which will lift BTCUSD higher as a direct result of the weaker dollar.
Near term is always choppy. Long term is always bullish . That's just BTC for ya.
The last descending wedge (purple) ended at around the $9,700 area (3nd yellow line - point C of its A-B-C correction). It is possible the current wedge (blue) will go that far too. However, the current wedge started at a higher point, and already put in a pause at the $11,000 area (1st yellow line - the new point A of its A-B-C correction) and another pause at the $10,350 area (the new point C of its correction). So it is possible the current wedge has already put-in a bottom.
But then again, this is Bitcoin , remember. And BTC will continue to swing in exaggerated sweeps. If it does break down below $9,700, look at it as a buying opportunity, because as I mentioned in my earlier posts, the USD is going to weaken over the next year and a half due to interest rate cuts by the FOMC, which will lift BTCUSD higher as a direct result of the weaker dollar.
Near term is always choppy. Long term is always bullish . That's just BTC for ya.