On the Monthly chart, Bitcoin seems to be consolidating and forming a symmetrical triangle.
There has been declining volume since 2015 which leads me to believe bitcoin is coiling up for an incredible move and as a symmetrical triangle is typically a continuation pattern i believe this will be to the upside.
However, if this scenario plays out, there is every possibility bitcoin could test the lower trend line or the 48 month (roughly 200 week) moving average and fall to prices as low a $5000.
also,
over the last 5 months bitcoin also seems to be forming a falling wedge leading me to believe there will be a fall in price before testing and possibly breaking the upper trend line.
I don't want to be bearish but I just cant shake the fact that,
If i was looking at these candles and this volume profile on a smaller time frame, I would not be surprised to see another test of the lower trend line. If fact i would be expecting it, laddering orders accordingly.
opinions anyone???
There has been declining volume since 2015 which leads me to believe bitcoin is coiling up for an incredible move and as a symmetrical triangle is typically a continuation pattern i believe this will be to the upside.
However, if this scenario plays out, there is every possibility bitcoin could test the lower trend line or the 48 month (roughly 200 week) moving average and fall to prices as low a $5000.
also,
over the last 5 months bitcoin also seems to be forming a falling wedge leading me to believe there will be a fall in price before testing and possibly breaking the upper trend line.
I don't want to be bearish but I just cant shake the fact that,
If i was looking at these candles and this volume profile on a smaller time frame, I would not be surprised to see another test of the lower trend line. If fact i would be expecting it, laddering orders accordingly.
opinions anyone???
I Have a stop loss set slightly below the lower trend line for 50% of my holdings and i am holding 50% no matter what.
I see COVID-19 as a black swan event that could create an outlier in the price action.
I now have buy orders laddered down to prices as low as $500 to take full advantage of quick extreme fear wicks down.