No matter what, BTC will backtest this formation. If it fails that backtest, which I suspect it will, we will test lower bound of the pennant. $5300 by end of year.
Short back to trendline backtest ... make sure the leverage is small and set a stop within your pain threshold, btc is awake. At trendline, straddle (insure or hedge your short).
If wrong, oh no 🥺 ...if right, oh boi 🤑.
Check long short ratio
Note economic and social situation facing the usa (not the bs pump but the millions of people who cannot afford a place to live in the middle of a pandemic. While the people fight the virus, the state is fighting the people.)
Check that crypto to equities market correlation - that's right, never was an "uncorrelated, asymmetric asset" .. but that sure sounded good
Ask yourself why precious metals are ripping
Check the lack of liquidity in equities
tl;dr - We melt into the dead of winter and if you have the cash you BTFD
Unlikely to fall that much, but definitely likely to retest the upper trendline.
Saskamo
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@Oto_, that's the key. I think there are many macro factors in addition to how the crypto markets behave that lend to testing bottom TL...ie false breakout
Oto_
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@Saskamo, it's definitely possible, but imho not probable due to literally infinite amounts of money flooding variety of different markets. Plus it's due time for crypto to enter the uptrend considering halving and the historical movement cycles.
Saskamo
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@Oto_ we'll have to check price again in November haha 😁
Oto_
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@Saskamo, certainly, I just bookmarked this. Good luck to us both.
anypanda
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They say ATH soon, those 0,005 BTC holders... Ah, and Greyscale bought shit tons of BTC!
Saskamo
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@anypanda, i think one of the guys at greyscale told everyone it was an uncorrelated, asymmetric asset class - what ever that means.
dstruct
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LOOOOL
Saskamo
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@dstruct, laugh it up bub, if fail the backtest, its where we go.