BubbaGanoosh
Long

Stairway to Heaven or is this just BAIT for the Trap

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Just casually riding the rising wedge like it aint a bearish signal. I think this is more a staircase/stairway/step pattern. in fact, it's both. Stairways develop when the price has been knocked back from a heavy resistance multiple times. the stairway tends to mark the last or second last leg when breaking a triangle in my opinion. stairways exsist on all time frames and they can crash and they can moon. but 80% of the time, if they make it to the hypotenuse, they will retrace somewhat before breaking through. first thing i saw when i started learning TA a few months ago was that BTC looked like the price was starting to turn. then last month we broke a major resistance trend line . and once you break it once, every other time gets easier. i think all the news and desire for quality currency has tempted a lot of fresh investors, even though the news hasn't been that great lately. I think of it as association through repetition. does it seem like there's a lot of talk on BTC at the moment. rising debt and looming crash has got people looking for alternatives. i also believe funds in alts is being moved to BTC because for stability reasons and fraud in alts (in ICO's and shit coins). the thing is, if BTC drops sub $5000, i could see a lot of alts disappearing from the exchange. this maybe BTC's final weeks in the descending wedge . of course the good news is, a descending wedge is a reversal pattern and makes BTC bullish . i think eveyone should at least have some BTC at the moment. high probablity you can get a cheaper price, but that doesnt matter, so then put a 20 on it. not sure if you should have all you play money in it, but crunch time is fast approaching. stay safe and stop loss
Comment:
wow, i m impressed, willl update my one of chart as this and thank you so much
Reply
@jastoor, hey thanks buddy, im still learning TA so don't bank on me being right. I always enjoy the feedback tho, and appreciate criticism so i can learn

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