BTC - the mundane, reliable, and always predictable BTC! - will likely not contest the green rectangle (major support). 1. too many people see april fractal 2. more buy volume than sell - these buy orders are probably not over stretched because there's currently little market faith 3. indicators say so 4. cost of mining average across most participating countries is about 5k and won't get cheaper any time soon.
There's a small chance we'll bounce off 7,8 - 8k resistance if the start of this accumulation phase looks like the bottom.
Hey there, i find your work interesting, if that is not a wedge then what is it (i am only 4 month into my trading career, so i just want to learn as much as i can). thank you! I am quite surprised you dont get traffic here,you concentrating more on short long volume seems to be a wise move and something pp0l should pay more attention to but then again what do i know:)
MilkBread
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@PaulDenton, I;ve only been looking at charts for 2 months. I just try out different things with each one. My track record is terrible! Just here to learn haha. I've been paying attention to volume because of the accumulation phase which happened this time last month. I know it sounds too good to be true that the charts will move the same, but so often than not I see it happen and think, it was all right in front of me!
MilkBread
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@MilkBread, last month** I mean two months ago. I remember looking at the price of btc in a bar one night right when that big green bar in april was happening. saw it shoot up 1000 points and thought, I should learn how to make some side money off trading, had i see that coming, i'd have rent paid for the next year. I think the 'once in a lifetime' days are over, but there's definitely still good money to be made here. Hope to see you stick with it.
PaulDenton
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@MilkBread, 2 month, wow i could have sworn you are an old timer:D Yes things that happen are very repetitive, it actually makes me wonder how can i continue messing up, in this 4 month i have had incredible opportunities that were right there to take but somehow i did not trust my gut feeling and my emotions got the best of me. But i agree even though like you said the life changing trades are not there anymore, maybe will never be there but there is still good money to be made.
MilkBread
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@PaulDenton, sorry, to reply to youre question though, it is technically a wedge I was remarking on it won't break out like a wedge. A wedge with that many hours in the build up to only break out 140 points on the hour chart is not a breakout that will change price direction, as it kept going sideways afterwards. That's all I wanted to let people know. I posted it to build my confidence in making calls.