Good Evening,
Bitcoin is about to explode so get ready to walk away slowly not looking back. The yellow wedge is "pointing" at July 19th which is the day after Grayscale dumps 16,000 BTC on the market. I anticipate a sharp drop with the surge of BTC on the market, but then an IMMEDIATE massive spike. The institutional money & whales have been feeding for about 6 weeks; this is shaping up to be the last "big dip" before we go pack up & to the right.
Let's get to those numbers.
1.) May 13th was the last daily candle (May 14th if you go to the 4-hour chart) that opened above 50k. This seemed like a solid date to use as reference & a psychologically comfortable number. This will likely be a natural resistance level.
2 & 3.) These are two separate "3 soldier patterns" seen in 15 days, very Bullish. Number 2 saw us break through the .382 Fib level; while number 3 used the same Fib level as its floor & broke through the .236 level. Traditionally, this is a sign that a big swing to the upside is on the horizon. We also see a solid support level between 28.6k & 30.9k. Anytime a wick dips into this zone, it is almost immediately scooped up by limit orders.
Truth be told, the macro factors & fundamentals are more Bullish than the charts. Ideally, I would like to see a candle close above my wedge but I would settle for further consolidation inside the wedge. Either way, I don't see a candle closing below 29k any time soon.
Bitcoin is about to explode so get ready to walk away slowly not looking back. The yellow wedge is "pointing" at July 19th which is the day after Grayscale dumps 16,000 BTC on the market. I anticipate a sharp drop with the surge of BTC on the market, but then an IMMEDIATE massive spike. The institutional money & whales have been feeding for about 6 weeks; this is shaping up to be the last "big dip" before we go pack up & to the right.
Let's get to those numbers.
1.) May 13th was the last daily candle (May 14th if you go to the 4-hour chart) that opened above 50k. This seemed like a solid date to use as reference & a psychologically comfortable number. This will likely be a natural resistance level.
2 & 3.) These are two separate "3 soldier patterns" seen in 15 days, very Bullish. Number 2 saw us break through the .382 Fib level; while number 3 used the same Fib level as its floor & broke through the .236 level. Traditionally, this is a sign that a big swing to the upside is on the horizon. We also see a solid support level between 28.6k & 30.9k. Anytime a wick dips into this zone, it is almost immediately scooped up by limit orders.
Truth be told, the macro factors & fundamentals are more Bullish than the charts. Ideally, I would like to see a candle close above my wedge but I would settle for further consolidation inside the wedge. Either way, I don't see a candle closing below 29k any time soon.