BTC, From one ASCENDING WEDGE to another ...this one stronger!
***Repost: Last one got censored due to my Telegram channel linking. Sorry. Didn't know.***
Short term bearish signs all over...
...but people are so bullish , they can't see them.
Here's my previous post with some of those indicators:
I have just discovered another bearish short term signal! We should pay close attention to this. People continued with their bullish sentiment after we exited out and above the purple wedge . But we've now entered into a more dominant (IMO) and pervasive wedge . I am skeptical that we can overcome this without a bit of step back prior.
Keep in mind, overall, for the long term, I still remain bullish . But I would be less bullish if we don't consolidate/drop down prior to that mark. The reason? It simply is not a healthy sign to continue to ascend without proper consolidation first. It's not sustainable. I think Bitcoin is in a much healthier state than it was in 2017; therefore, I am calling for a drop to around 36-40k before further rise. And if we don't get that, I would then begin to expect a larger than usual crash in the future. The more we rise without consolidation, the more cautious we should become.
I wish you the best traders!
Short term bearish signs all over...
...but people are so bullish , they can't see them.
Here's my previous post with some of those indicators:
I have just discovered another bearish short term signal! We should pay close attention to this. People continued with their bullish sentiment after we exited out and above the purple wedge . But we've now entered into a more dominant (IMO) and pervasive wedge . I am skeptical that we can overcome this without a bit of step back prior.
Keep in mind, overall, for the long term, I still remain bullish . But I would be less bullish if we don't consolidate/drop down prior to that mark. The reason? It simply is not a healthy sign to continue to ascend without proper consolidation first. It's not sustainable. I think Bitcoin is in a much healthier state than it was in 2017; therefore, I am calling for a drop to around 36-40k before further rise. And if we don't get that, I would then begin to expect a larger than usual crash in the future. The more we rise without consolidation, the more cautious we should become.
I wish you the best traders!
Trade closed: stop reached:
Closing. Pattern annulled. Bitcoin has made of fool of me again. Looks like we're headed straight to $65,000. No redress. But what goes up ...must come down. At some point. And the higher is flies, the harder it falls.
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
About to hit our heads on the top line of resistance again "TL from Dec. 16, 2020". My bet, obviously, is that it holds. Eventually, we will reach the end of this triangle and fold down from there (again, short term projection). Once we reach our target buy area, we will continue ascension into the heavens!