This is the general Bitcoin index and only moves during the day. Back in February 2018 Bitcoin bottomed and then rallied to just about $12,000. That didn’t last too long before Bitcoin prices started to head south again. Bitcoin bottomed again in April before it rallied back up in early May. Since then Bitcoin seems to have started another decline that sure looks like it’s not finished. My wedge may not mean much but what are the chances that Bitcoin will cross the bottom wedge line before it ever crosses the top wedge line?
I think Bitcoin has to fall well below the $6000 price level and even then there is only a slim chance that Bitcoin could morph into a huge bull market anytime soon. At $5000 Bitcoin would be close to about a 71% decline which a pretty normal bear market decline. That still doesn’t mean much, as Bitcoin could flatline driving all investors away due to boredom.