pure technical stuff here! no maximalist sh!t or news trading, some say fundamentals... nope! just TA...
this weekly chart of Bitcoin BTCUSDT and my comments below the chart:
there is a falling wedge, two pushes up with red circles, you can imagine a third push up hasn't reached the trend line (Aug 8th). so there is a gap there which is because of a hidden bearish divergence (June 6th and Aug 8th's peaks)
ALSO we can see a bearish divergence formed right now, so another attempt for below supports is "expected"; and then I will be waiting for a break out of this falling wedge.
1. from where this rally may start? I recommend ~$12.5k support. but it may start before reaching that level.
2. how I will know the rally started? with a formed and confirmed bullish regular divergence in the two recent bottoms.
3. when I enter? confirmation of said divergence.
the break out will be considered a wave (1). I expect 3 bullish waves and two corrections (pullbacks)
important:
nor the bullish waves neither corrections are not simple and sharp as the lines I have put on the chart! especially wave (4) is often a very complex and confusing wave.