emmm, nothing to say, the chart says it all. This rise shouldn't last too much longer and I expect new lows. Simple as that.
Of course I could be wrong. I still have large position in bitcoin and holding for the long term.
Comment
⋅
If you hadn't already noticed, I love wedges in bitcoin. Many of my most profitable trades come from breakout of a wedge pattern
Comment
⋅
Told ya's… Yet another wedge pattern completed. Easy money.
Comment
⋅
Hitting bottom of wedge and fib line around 4800... time for a bounce?
Comment
⋅
Wow, dropped harder than I expected. The large wedge is invalidated. Although signs of reversal appear here. Maybe we'll revisit the 78.6 fib line soon?
Interesting, I like your top of triangle trend line, it makes sense for the last few lower highs although I don't think it invalidates other lines I've seen around. The only thing that I can see as a change of pattern is that we have not set a lower low yet and I don't think we are currently in a rising wedge. Also, around 6k we have 3 major support lines intersecting which I believe bears will have a hard time to break. Time will tell, so far is looking good but if we break the parabola we might re-test lower supports but this will be bad for BTC.
babywhale
⋅
@Poukitoun, the rising wedge is much more clear on the 4hr
Poukitoun
⋅
@babywhale, in that context is a rising wedge but if you look at my idea it is more a continuation of a parabola movement, the previous spike we had could have been an 'unnatural' movement due to the ETF news, so this could be a massive cup & handle formation. But I'm definitely keeping an eye on your scenario because we could break to the downside pretty hard :P
babywhale
⋅
@Poukitoun, I just don't see new highs that soon... we need a new mania, pure optimism, but too many people burnt too recently, time is a healer, we need another year or two before having any hope of breaking new highs.
Best probability is to follow the long term trend, downwards, personally I'm not opening a short any time soon but I definitely won't be re-entering my long position, yet.
Saying that I've only sold less than half my long term btc position (at 14k), cos of course I could be wrong and for me, half way out is uncomfortable enough.
Poukitoun
⋅
@babywhale, Yes definitely. Have you been paying attention to what is happening in South Korea?! they are back in the game and this time all the fud around banks is lifted and Banks have now done partnerships with exchanges. South Korea was a massive part of crypto traffic and to see these re-open for business is not a coincidence! If you also check their exchanges there has been a massive spike in traffic, this whole extended wedge might be supported by them. Also massive spike in traffic in countries like Argentine, Venezuela. I don't think are in for speculation but escaping their own fiat currencies. I'm looking forward to see how this will play out :)
babywhale
⋅
@Poukitoun, so I’ve read, but I’m not convinced. Chart is telling a different story. past 8.5k then I’d re-evaluate
also the tip of that wedge !