There is a high probability that Bitcoin (BTC) has already put in a bottom. However, the bear market is far from over yet and the price may take some time to break and remain above the 21 Week EMA in order to formally begin a new bullish cycle. Even if we refuse to believe that this is the bottom, the daily inverted chart for BTC/USD clearly shows that the price has run out of room for further movement inside the rising wedge seen on the inverted chart. So, if the price has to fall further, it will first have to rise. On the inverted BTC/USD chart, that would mean a fall towards the bottom of the descending channel before another rally to the upside.
The inverted chart for BTC/USD shows that the last time the price entered a rising wedge; it broke below it and continued to decline until it reached the bottom of the descending channel. If the same were to happen this time as is highly probable, we should expect Bitcoin (BTC) to rise above a price of $4,000 in the weeks ahead. A…
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