haejin BTC analysis
Bitcoin (BTC) currently has three consecutive rounds of downward wedge patterns placed. Each also much smaller than the prior. The below chart depicts a scenario for a Fractal #4. This would bring the price quite proximal to the apex of the blue overarching symmetrical triangle. The sequential decrease in the size of the wedge formation likely reflects the depletion of the seller population. IF the seller population was increasing, I assure you, the Wedge pattern size would be increasing and not decreasing!
Fractal #4 would also jive quite well with the MACD likely to repeat one more cycle of up/down as shown by the blue arrow line. The gist is that both would lean towards a pending breakout. Price would breach the upper blue resistance trend line while the MACD breaches the upper white line. In BOTH, the lower support lien must hold in order for this scenario to remain valid.
The bigger picture still holds the white W bottoming pathway as the primary count. For this, again, the first long term support line needs to hold against any decisive breaching.
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