Hello friends Today I want to take a look at the BTCUSD by ByBit Crypto Exchange
As I said in a previous BTCUSD post , we formed a falling wedge which we are likely to break up, but it will be a false break. It happened as I said, only grew stronger than I predicted We can see - the crazy movement of $ 3,000 upwards and the crazy volumes that came from USDT ( trading volume around 60bln$ at this day) which have long-term problems with regulators.
The second news that many are discussing is Chinese president Xi support blockchain tech dev in China etc Today the news came out Chinese Central Bank will launch digital currency called DCEP. To be tested and onboarded with commercial banks first.
Therefore, many Chinese projects have made a move up. and these media explained why the movement of bitcoin up.
But I want to say my opinion, Such news is manipulative, like most news from china But in the long run it will bring results.
Chinese blockchain projects did not stop working and continue to work regardless of the government statement. When implemented for use is another question. And I won’t answer this question :) But statistics show that 23rd of requests in Wechat blckchain / bitcoin - 777k / 572k the 25th of October blckchain / bitcoin - 9.2 million / 1.3 million
I am sure that a lot of people will discuss about this news. And this news will attract new players to the market. Since 1.4 billion live in China And exchanges need to be prepared to withstand server overload due to the introduction of algorithmic bots and the arrival of new users that are increasing on googletrends and tradingview requests
But at the same time, remembering December 2017, when everyone on TV said that "Bitcoin go to the moon" and that after what happened, you all know....
I still believe my previous analysis. After breaking through, we should gain a foothold over the support line. or to test support in the area of 8600-8200. And for me this is now the main question we are above these levels or not, but most likely we will continue to move inside the black triangle. There should be a correction, the market after this movement has not changed much. So we will observe the situation.
More charts in the description
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A lot of people open longs and waiting for break up this triangle fear and greed index 54 My recomendation don't be greedy;)
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Trade active
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We will go to 8800 first and maybe we can go to support black line
If anything this is not, it's not a great falling wedge, after breaking the structure of descending triangle and deeping below 200 daily moving average the whole market structure was broken, and when whole bullish structure gets broken u can't make new bullish structure out of it. I don't know where u're getting that this is falling wedge, lines aren't even connecting correctly as first, second' this was a bear market.. and 2018 bear market wasn't falling wedge. Secondly, as its created in ur scatch. You can't create random lines where bitcoin is gonna go when your prediction suggest a deep back down below 200 daily MA, which would be again extremely bearish and would suggest that this all was just a fakeout and a bulltrap, creating lines going back up is not technical analysis but just hoppium the bull market will emerge. NO NO NO, this is by far not any kind of proper technical analysis, you're analysing a bearish price discovery from what i see, but creating a bullish outcome out of it. Nope.
EXCAVO
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@Gringo1nlx, I show you the previous chart, read please
You can see the falling wedge in blue. I, like you, think it could be a bull trap
Gringo1nlx
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@EXCAVO, All im saying is you can't create another structure out of previously broken one. This wasnt falling wedge from start it was descending triangle, bearish pattern which was broken to the downside.. we did not have at the bottom of triangle supports low enough that we could correctly link them... the fall from 10300 at the end of triangle was structure broken not a retrace inside a falling wedge. My point, i respect people seeing it differently its just not what i think it is. its actually a dip down, a retracement into golden ratio fib extension retrace of 61%. But at bitcoin u can basically draw anything a pattern that would suit your wishes..
FRXMACHNE
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@Gringo1nlx, Do you mind sharing your chart man? Thank you
Gringo1nlx
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@sdahiya117, I do not have a chart... im analysing this for myself.. if you want my opinion, the low now at 9000 will be confirmed double bottom, or not even that higher low probably, if we do not come down back again, but from here on i think a bit of sideways and up. As to why the chart above isnt falling wedge its because, in wedges the trend is to the downside but with equally strong downsides and upsides, here was a sell of at the bottom of triangle, which dipped bitcoin below 200 MA, making it a bear trend once again, but that doesnt matter since all of it looks like a bear trap and we are trading above 200 ma again, remember above 200 we are generally bullish, below generally bearish, this wasn't a break to the upside from falling wedge, this was simply market exhaustion of sellers and historical volatiliy at its lowest and a big move was due to happen, the question was just where. But since the RSI was at lows again and sellers have run out, the only possible outcome was up. Now i'd long this thing at 200 ma maybe alittle above it, if we close 4 h below it i'd flip short, if not i think this is pretty bullish posture.