More choppy w@ters and it looks like Bitcoin algos will keep complexity high through this next phase.
You didn't think you'd get an easy hodl ride did you ?
Ok thats good - me neither 😸.
I showed in Wednesday's video that having printed only a slightly higher high meant there was a good chance that BTC will be form yet another ascending wedge which will prove to be bearish.
This is where the algo games begin and how they keep the herd confused.
So here's the game:
ALTS tend to have their strongest rallies when BTC drifts upward.
And an ascending wedge is a slow moving pattern that is a perfect drift for ALTS.
But the complication is that an ascending wedge is a bearish pattern and at some point the hammer will fall.
And when the hammer falls ALTS will dump hard.
So its kind of a game of musical chairs 😸.
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The youtube shills are doing their best to scare the dumb-money-free-lunch-crowd out of their positions having seen the slightly higher high would probably be bearish at least in the short term.
But they are calling for 8K and telling their subs its time to go short!
And they can make a quick buck as BTC has a small tumble and their audience will be impressed.
But what they're not telling you is there are big guns getting ready for the next wave up and they can go on wild rallies while BTC prints limp upward oscillations.
(FET pushing on up as I write this)
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Back in June, Bitcoin printed an ascending wedge that lasted the whole summer and in that time many ALTS made great gains.
I bought the bottom and sold the top on quite a few - I linked UNI and APE entry and exit threads below
That BTC ascending wedge saw 5 oscillations and so far we've had only 1.5.
And that is why I have drawn the potential lower wedge trendline with a dotted line; because its not a wedge unless it reverses to the upside, which as yet it hasn't.
So its not at all certain that there will be another wave up to form the wedge, but that is what I think will happen.
If it is a wedge, whenever it tops it is logical to consider that history will repeat and a BIG collapse will follow.
And if we also consider this from an Elliott Wave perspective; this ascending wedge could be a wave 1.
In a typical Elliott Wave a typical wave 2 will retrace 0.618.
Although we don't yet know where the top is, that could approximately take BTC back to 19K.
If this happens of course this will remove many get-rich-schemers from the table who will believe their gurus that BTC is heading to 8K.
But I don't think that will happen.
And so you might think - "ok - i'll just wait for a big pull back and buy then."
But this is where the game is.
ALTS can be long over the horizon before that pull back comes many oscillations later.
And BTC may even have a mini blow of top before tumbling down.
But each time it dumps there is always a risk it will the the big dump down and down.
Clever algos 😸.
See you @ BTC 174K.
Not advice
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UNI entry thread linked incorrectly.
Here it is.
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If you like my content do your bit and hit the LIKE button or "BOOST" as its now called on TradingView 👍🏻👍🏻👍🏻.
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On target so far.
There were some key details in this recent area to see this might dump. I'll probably cover this more in my next TradingView video later this month.
Anyhow BTC is on its way down - the 200MA and 0.618 retracement are potential areas for reversal 👍🏻.
So the ascending wedge broke, you think 19K is bottom? ADA & SOL will follow BTC down, right?
dRends35
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@Borgar77343, These days I no longer give all of my work to the free lunch communities.
Borgar77343
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@dRends35, Ok, that's understandable. I'm one of those bums who are not that interested in trading, but only seek advice for a good entry-point in hodling crypto, and my question exclusively relates to the rather comprehensive "free lunch community"-idea above that you wrote just a few days ago. But I get it :)
dRends35
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@Borgar77343, The irony is that being cheap can come with hidden costs.
Borgar77343
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@dRends35, Thanks for the advice. I am of course aware of the rather high cost of being a cheap chap crypto hodler. I will from now on try to be a little more high-end.
dRends35
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@Borgar77343, Ok then. Good luck finding your entry points.
gabriellealleau
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Make gains and learn technicals! That’s what we have been doing for the past few months and it’s working very well. The group dynamic is awesome! we all have the same goal, surfing the market in the best possible way.
This is what normal market recovery looks like. lotsa chop before we head up. Am I right?
dRends35
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@HorseyTim, You are "right" in the sense that a choppy phase comes before an impulsive phase as the markets are always either impulsive or corrective. But chop does not prove a market recovery - far from it.