TheSignalyst

Bitcoin Traders - Don't Be Afraid!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello TradingView Family, you all have heard of this pattern, a classic "Ascending Broadening Wedge Pattern" or as know as "Megaphone"

As you clearly see, Bitcoin has been respecting this pattern for a while now. And the reason why I decided to post this one, is because I heard/felt a lot of panic in the crypto industry lately.

With every drop/correction, the panic seems to get more aggressive.

This makes perfect sense because Bitcoin is trading inside the Megaphone pattern, thus the bigger the impulse, the bigger the corrective. as shown in purple.

And as the corrective gets bigger, the panic rises. With every drop, traders start selling their Valuable Bitcoin believing that this time it is dropping for good.

Technically, Bitcoin is still overall bullish , and do not be afraid of the aggressive drops.

As mentioned, the corrective movements are getting bigger; But that doesn't mean that the momentum is shifted and we will experience a long-term downtrend.

The momentum would be shifted, when Bitcoin breaks below the Megaphone pattern downward. (below the last swing low that forms around the lower brown trendline)

For now, Do Not Be Afraid!

As I always say,
Forex (currencies) Trading is for Yearly Profit
Stock Trading is for Your Own Retirement
Crypto Trading is for Your Kids


Regards

~Rich


This analysis is done using RichTL indicator
https://www.RichTL.com

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