The current momentum in the market is no doubt exciting. We’ve got institutional investors, Paypal, Micro strategy, you name all telling us ‘this is it’. I’m reminded of that ‘Michael Novogratz’ moment back in 2017 when he called $40k Bitcoin before his business lost $272.7 million. Point is, don’t listen. The moment you put them above you in the belief they are smarter is the same moment I believe losses are greatest.
I’ve published the above chart in other ideas but I believe there’s merit on having this on its own.
The facts:
1) A supporting trend line almost active for the entire life of Bitcoin’s history was broken in March.
2) Thus far we’ve tested this trend line twice creating a bearish rising wedge pattern.
3) The wedge was broken in August / September. And now we climb to test resistance. Resistance is @ $14k (the all time monthly high).
One of two things will happen:
1) Bulls push up and through $14k and test as support. To the moon.
2) $14k becomes resistance and price action goes down. A lot.
There is no trade here in my opinion. Risk / reward is unacceptable. Wait for confirmation!
I’ve published the above chart in other ideas but I believe there’s merit on having this on its own.
The facts:
1) A supporting trend line almost active for the entire life of Bitcoin’s history was broken in March.
2) Thus far we’ve tested this trend line twice creating a bearish rising wedge pattern.
3) The wedge was broken in August / September. And now we climb to test resistance. Resistance is @ $14k (the all time monthly high).
One of two things will happen:
1) Bulls push up and through $14k and test as support. To the moon.
2) $14k becomes resistance and price action goes down. A lot.
There is no trade here in my opinion. Risk / reward is unacceptable. Wait for confirmation!
Trade active:
That was an impressive rejection from almost $14k. A Gravestone DOJI is forming on the weekly chart at this moment. What should you be watching this week if you're long on BTC? A close below $13k. A close here would transition the 'Big IF' to the "Almost certain".
Time will tell.
Time will tell.
Trade active:
As above - one of two things will happen - (1) is winning! Well done bulls.
Now we must wait for confirmation. Price action has pushed through resistance and must confirm it as support.
Now we must wait for confirmation. Price action has pushed through resistance and must confirm it as support.
Trade active:
A move to $12k looks imminent. 2-day Stochastic RSI just crossed down 80. This would be a 20% move to the downside to first support.
Comment:
Time to be super extra careful! RSI 90 on the 3-day chart below - very overbought.
Look left when the green overbought indicator was as thick as it is now. Please don't FOMO.
Look left when the green overbought indicator was as thick as it is now. Please don't FOMO.
Comment:
Should price action fail to find support on $15.5k, that would seem to suggest confirmation of the rising wedge.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
alternative.me/crypt...ear-and-greed-index/