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In general, I am conservative on BTC, while still knowing it can explode, but the boom and bust cycles are starting to form a pattern.
This video explains the long view trend is important to keep track of, that markets do behave in a consistent fashion, even if that consistent fashion is erratic, but more often than not, there are similar patterns over time we can use as clues as to where the charts will go.
In general, BTC has a past habit of combing back to the average over time, especially after a strong rise. The 400 Moving Average on the daily is REALLY far away from the current price, another clue we will be seeing downward movement.
Low Volume indicates there is some current momentum upward, but nothing like what is needed to continue to "moon" and "rocket" like many of the new BTC HODL's are probably doing after buying in above $20,000 or even above $35,000. Newsflash, the last dip was > 83% of a drop from the All Time High of 19,000 ish.
Remember though, those that held onto their Bitcoin after the last dramatic drop from 19,000 in December of 2017, are now reaping a 2-3x ROI from the sad lows they saw after the last ATH ... so long long term (we're talking a 3 year cycle between high of December 2017, and high of January 2021.
So we've got some time, and some reasons to be heading downward soon as much as I hate to admit, the boom is over.
@robsjunqueira, Just curious, what did you like about it? Was there anything new for you?
robsjunqueira
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@altcoiner11, The number of days, bars and percentage informed by you and the coincidence
baris3
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It needs to finish forming the triangle first and then it can also breakup upwards.
altcoiner11
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@baris3, I appreciate your response, thank you for sharing. Would love to see your analysis, or anything you can share to better demonstrate what you're observing. I see a downward wedge, which is not a positive sign ... maybe for a short term rounded bounce, but not long term upward for me. Would love to see your analysis.
baris3
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@altcoiner11, Downward wedge pattern means it will breakup bullish. Learn before you talk. ;) I will not answer to you anymore certainly you lack knowledge.