I've been speculating on this pattern, a falling wedge. It's still valid for now. It's got nice 5-wave form and a typical throwover below the lower trend line. The upper bound stands in the $8,700s right at a horizontal resistance level.
Bears really smacked this thing down. Ouch. The pitchfork mentioned
here is holding on for dear life. And this falling wedge is teetering on the edge:
If bulls are going to make a stand, this would be the time.
It is possible that it will happen. From the beginning of the year, the price actually falls only. It is known, the price of bitcoin varies very much but now there are no strong signals to rebound.
I hate to say it. But if the mid-$7,000s fail to hold and we return to $6,000 and beyond, this really starts to look like 2011.
