TroyByrne

Will FOMO push us to the Moon.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
G' Day Cobbers,

Just a quick Update, We look to be topping out on the Daily and many of the lower TF's as well, we are having a slight drop as I type this up, we are pushing up hard against the 100ema which is the next line of resistance we need to cross to continue the move up, we are clearly in a rising wedge now but BTC broke out above the last wedge we were in and FOMO will cause us to throw our charts out the window or at them, depending on which direction the market moves in reference to our positions. RSI is over 70 which is significantly high for a High TF but we also have 200ema as support which we are currently wedged between, if we push much higher we will start to get these EMA crosses start to happen on the daily which in return will give us further fuel for the rockets.

Now I called this way back with the short Squueze ( chart linked below) and I did say if we broke the falling wedge , we would break the downtrendline, breaking this downtrendline ( ascending triangle ) would push us in time above $22k but we should see a retest of the trendline before we get ahead of ourselves. It will all depend on this thing called FOMO, in the end what goes up must come down, we will see some kind of pullback, the higher it goes without one, the bigger it will end up being. People will start taking profit at some point.

Good Luck

G'day

Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Comment: Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Comment:
Comment: Test in progress, may not even make it that far if bulls keep the pressure up.
Comment: Still in this massive channel that we have been bouncing around in for days now.
Good stuff! I appreciate your commentary.
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TroyByrne gsimoni
@gsimoni, Thank You
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I wish it will never touch below 6k again :)
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@i04e12, Never say Never but hopefully you are right.
+2 Reply
Nice analysis!

So u saying we will have to test the trendline some time?
Isn't that at like 6k something area now? (And it's only going lower everyday)

Coz that's kinda good news for a bear that kissed the train :))


Thanks!
Reply
@NQ95, No I was referencing the Log down trendline which we recently broke. Was bang on too, it broke down a few minutes after I posted.
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