Purple Bearish pennant has formed on the monthly chart. Price should break downward towards the orange trendline which I think is going to interfere with this yellow downward channel we've been seeing lately. It should then bounce back up to the top of the yellow downward channel.
On the fundamental side of things, I would like to be out of the market before Bakkt launches. Looking back at when CBOE and CME futures launched, BTC price hit a peak and shortly thereafter plummeted. Will it happen again? I'd rather sit on the sidelines and wait and see what happens. I wouldn't be surprised if a bunch of institutional shorts open.
On the fundamental side of things, I would like to be out of the market before Bakkt launches. Looking back at when CBOE and CME futures launched, BTC price hit a peak and shortly thereafter plummeted. Will it happen again? I'd rather sit on the sidelines and wait and see what happens. I wouldn't be surprised if a bunch of institutional shorts open.
Comment:
I honestly expected that wedge to break downward... whoops. Well, I entered long just under 10700. Planning to hold this until we hit the upper yellow line.