These are my thoughts on the BTC price for the rest of the year. Excuse my bad drawing. I was never good at it since back in school. The computer didnt help. :D
We are in the biggest falling wedge in the cryptocurrency space and a decision needs to be made this year on how the BTC price will evolve.
For the short term we will drop down to the 5600-5800 range (bearish macd cross incoming) before we attack higher price levels again. We will also fill the recent 7300 CME gap on the way. After hitting the upper trendline we will reject heavily from it. People will buy into it thinking its the bull run after the halving and get hit hard. We will then in the upcoming months build another low at around 4k (yeah the 3k jokes are invalid). From there we will start the actual rally testing the upper trendline again and breaking it. The most bearish scenario is a break of the lower trendline before the bullish breakout (3, left). I doubt that will happen though. We will break bullish out of the wedge till end of the year and rally to 10,5k. The most important level in the future of BTC. Scenario (1) will be a direct pushthrough and a massive price increase created due to extreme FOMO. Scenario (2) will see a rejection from there to the lower trendline of the prior wedge. After bouncing from that trendline again we will retest 10,5k and break through it.
I will say this: If we reject from this 10,5k twice during the rally (building a double top), it's over. Most bearish scenario that could happen to BTC. Bear market will continue and people will lose faith. Prices of 1000$ are realistic then.
I am trading based off this. Mostly the short positions will be my entrys (im a perma bear).
Thanks for reading this. See you again in my next post.
We are in the biggest falling wedge in the cryptocurrency space and a decision needs to be made this year on how the BTC price will evolve.
For the short term we will drop down to the 5600-5800 range (bearish macd cross incoming) before we attack higher price levels again. We will also fill the recent 7300 CME gap on the way. After hitting the upper trendline we will reject heavily from it. People will buy into it thinking its the bull run after the halving and get hit hard. We will then in the upcoming months build another low at around 4k (yeah the 3k jokes are invalid). From there we will start the actual rally testing the upper trendline again and breaking it. The most bearish scenario is a break of the lower trendline before the bullish breakout (3, left). I doubt that will happen though. We will break bullish out of the wedge till end of the year and rally to 10,5k. The most important level in the future of BTC. Scenario (1) will be a direct pushthrough and a massive price increase created due to extreme FOMO. Scenario (2) will see a rejection from there to the lower trendline of the prior wedge. After bouncing from that trendline again we will retest 10,5k and break through it.
I will say this: If we reject from this 10,5k twice during the rally (building a double top), it's over. Most bearish scenario that could happen to BTC. Bear market will continue and people will lose faith. Prices of 1000$ are realistic then.
I am trading based off this. Mostly the short positions will be my entrys (im a perma bear).
Thanks for reading this. See you again in my next post.