The main point on which Bulls and Bears debate is whether we are in a Descending Triangle ( Bearish Continuation Pattern) or in a Falling Wedge ( Bullish Pattern).
Me- Why not Both? :)
Me- Why not Both? :)
Comment:
check out 13-15 chart.
Notice how 380-400$ acted as strong support from December 2013 to September 2014 . Bounced 4 times off that region.
Back then people would have said " 380-400 won't break coz it held for so long"
like "6k won't break coz we held 6k for these many months".
Notice how 380-400$ acted as strong support from December 2013 to September 2014 . Bounced 4 times off that region.
Back then people would have said " 380-400 won't break coz it held for so long"
like "6k won't break coz we held 6k for these many months".
Trade active:
!!
Trade active:
Well.. I honestly thought 4700 would hold or worse-case 4.4k and we wouldn't go any lower before a bounce to 5800/6000 which is why IV marked (1) as 4.7
In fact, ToneVays target was 4.9k while Peter Brandt's target was 4.4k and did not expect BTC to go lower than that. Well, markets do exactly the opposite of what the majority expects..doesn't it?
So, interestingly it has gone down till 3650 which I marked as (3).. If we do a relief rally, ID say-
Target #1 - 4200/4400
Retest 3650
Target#2 - 5.2-56.4 which is marked as (4).
GOOD THING - Faster Market Cycle completion comparatively.
In fact, ToneVays target was 4.9k while Peter Brandt's target was 4.4k and did not expect BTC to go lower than that. Well, markets do exactly the opposite of what the majority expects..doesn't it?
So, interestingly it has gone down till 3650 which I marked as (3).. If we do a relief rally, ID say-
Target #1 - 4200/4400
Retest 3650
Target#2 - 5.2-56.4 which is marked as (4).
GOOD THING - Faster Market Cycle completion comparatively.
I find Longs/Shorts ratio being 50:50 while BTC is below 6500 very strange as that wasn't the case while BTC was at these prices before. Reasons are two-
1. Crowded Shorts = possibility of a short squeeze and also short covering- both pumps price back up.
2. Market participants would expect a dump if large shorts are opened. Especially after what happened earlier this month when large amounts of shorts were added near 7500.
Not to mention the sudden large buy walls on Alts prior to weekly close on Sunday which no longer exists.
To sum up - it would be impossible to push BTC price to lower lows while shorts are overcrowded.
Think about it.