While I do believe BTC is going to 4k, it's been really surprising it hasn't been able to push up to this major . Which is really not a good sign.
Right now we have the Daily about to cross to the downside and moving down in this wedge-like pattern.
Remember, in this bear market we want to control our risk as we learned again from the inverse head and shoulder's pattern. As confident as it seems we will get a move for our trade set up, sometimes it doesn't happen.
I will be setting up martingale points down above 5k, 4k and 3k. with the portfolio weightings at roughly 20%-30%-40%. (yes it doesn't add up to 100%, it's a rough number of what i am doing) I have similar set ups on ETH and LTC. While this could go up from here or a bounce from 5.7k, i will be following this downward for my first target area.
I imagine it will take a long time to get here.
I am going to enjoy the summer. Remember, it's better to be out of the market wishing than you were in, than in the market wishing you were out.
So here's the thing. BTC is going up on BlackRock and some Coinbase news a couple hours ago, but all blackrock said is that they are investigating it more, NOT dumping a ton of money into it. I am just really skeptical that this move won't be sustained, when we ALREADY know all the major firms are looking into it. Coinbase announced that they have regulatory approval, but is that good or bad for the crypto world? Depends who you ask I guess.
Technically if we break 6.8k and get a solid close, it should keep going up. However, Now that we are getting closer to this massive trendline, the R:R goes down, so for me, the trade becomes less appealing at this point. We could go up, but I worry that this is hype and we will just follow the green line down. So I want to see how things play out for a few weeks and reassess after that.
I think the large players, Wall Street, are still waiting for the SEC, CFTC, IRS et al to finalize the rules before they jump in. Wall Street wants to pay as little tax as possible, so they need to know which cryptos to avoid. Until that happens, a few whales will drive the market down, spike it up and gobble up the little fish.