Rising wedges are classically bearish trading patterns, but can often break bullish during strong trends (same goes for falling wedges during bearish trends).
As of yesterday, BTC has officially broken out of the rising wedge pattern that has been formed over 1.5 years. Bears have been looking at the pattern for a long time now, but are likely wrong on this pattern since the price broke through the top resistance.
It's likely that bulls have been waiting for this break out in order to start buying again. As per my analysis below, a strong volatile move is expected in the short-term.
Keep in mind, a fake-out is still in the cards. Nevertheless, it's more likely that this break out is the real deal. I previously mentioned that 40k was the target for this year. Now that we're trading 3% below 40k, it seems that we will reach it shortly. After 40k, I'm looking at 48k.
As per my fractal analysis below, I think we're going to see some fireworks in the near future.
The market is not moved by traders bears or bulls. It's moved by tether printing billions and artificially inflating the market. For all you know they broke this 'rising wedge' too give the bulls the impression to go all in and bring it back down.
Why would they bring it back down? Why not. Since they squeezed the shorts, have a bunch of longs to liquidate, and probably trap alot of spots in these lvls, just in time for the X disease pandemic news to grow bigger combined with a delayed ETF.
The chances of it dropping from this point is way bigger than it reaching higher highs.
MichielVan_Kets
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@clairebymax, unfortunately you're probably right ... you can't read these markets without including the massive manipulations from the platforms
although I do expect it to go over 40k first ... then they'll bring it down for it to drop below 37k ... maybe a bit more, but ... despite the manipulations; there's still a real market behind it all ... it will bounce and keep going higher ... for the next year or so
clairebymax
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@MichielVan_Kets, I don't know all we can do is guess. But my best guess is that we will see a drop again depending on the sentiment, FUD news and intensity it might break the 30k back to 25k again but I'm pretty confident that we will at least hit 32k again.
It took 1 month and 260bil MC out of thin air to increase btc with 12k it can as easily drop 12k in a month aswell.
jaxoncooper347
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@clairebymax, Think positive and stop with the crying. Bitcoin is Bitcoin, if you cant handle the heat get out of the fire.
clairebymax
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@jaxoncooper347, My 'thinking' is as a trader. If you are a trader, my advise to you is to think neither positive or negative but neutral. Unless you just hodl in that case yes positive thinking can help weather the storm.
AndrewAnderson
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@clairebymax, can I have some more info on this? How do we know how much tehter has printed and how do we correlate tether volume to btc price?How does tether "print" billions without losing its peg? Some resources/reading material would be helpful
karanguraya6563
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what about ETC?
SwallowPremium
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Many of us would love to see this scenario but hard to believe that we will actually see that bullish run without any significant correctional movement to lower zones here
MyCryptoParadise_Nathan
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It would be interesting to see how your predictions align with the market's movements in the near future, especially considering the volatile nature of cryptocurrencies. Do you also factor in external market influences or rely primarily on technical analysis for your predictions?
Why would they bring it back down? Why not. Since they squeezed the shorts, have a bunch of longs to liquidate, and probably trap alot of spots in these lvls, just in time for the X disease pandemic news to grow bigger combined with a delayed ETF.
The chances of it dropping from this point is way bigger than it reaching higher highs.