Ascending Wedges = 30% declines on average

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Never underestimate the power of emotion. This latest bull run confirms that and when it ends, be prepared for a significant correction. I've heard it all in the past 2 weeks.

"Soros and institutional money is coming in, lambo and moon here we gooo!"

Institutional money (the money that isn't here already) comes in when it's low risk and exceptional value. This market is neither.

"Tax season is over and now that people are done cashing out to pay their taxes it's time to explode!"

Sure. All those people waited until April 11th and coordinated a surge. None of them paid in Jan, Feb or March, filed extensions or pay quarterly.

"10k, 11.5k, 13k , 17k , etc. Here we come!"

To those people I give you this chart.
Trade active: It has broken down from the ascending wedge in green. The question now is where will it find support. The 200MA? 50MA? One of the Fib levels? Given the longer, drawn out nature of this run I'd expect each of those to provide a temporary pullback before testing the resistance below. A reasonable target would be between $7,600 and $8,300 if the bulls have taken over. If it drops below, the bears are still very much in control.
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