Even though bitcoin has broken below the wedge I will still be targeting this zone for a buy, I am expecting this to be a fake out causing panic in the market leading to normal retail traders selling, after wiping out the sellers the buyers will attack this position and from here we could comfortably invest for the future as I don't see the price dropping further down from the second green key level.
I see so many TA with a simple trend lines analysis. Thank god some like you think to at least add additional indicators. I fear though a much bigger drop is to be expected. End of bull trap?
Muizz_7
⋅
@balaupre, it could potentially happen I agree with that but I also believe that bitcoin will always stay strong this a big key level being attacked so therefore I believe it to bounce also its been ranging in that wedge since the start of the year its bound to make a move now, I initially expected the drop to be below the wedge as a fake out causing panic for the late buyer who will look to sell so we could say its a bull trap to take the sellers out completely, but I completely understand where your coming from
Muizz_7
⋅
@balaupre, I could see it dropping to 27800 but apart from that it would be hard to say where it could potentially shoot up but I cant tell how strong this level will be as we haven't seen many buyers attack that unlike 30400 which has been attacked
balaupre
⋅
@Muizz_7, Perhaps. We have a clear sign now of a swing failure. Where it can go low is had to tell, resistances are all week above 20k. But the StockRSi is particularly low too. So it could be a rally come again strong at 30k.
Muizz_7
⋅
@balaupre, agree lets see how this plays out I like your thinking its going to be very interesting how bitcoin does