BTC has a bullish pattern breakout to new ATH. If we close above the ATH two days in a row, it gives me confidence that we will see another leg up. (Still waiting for Volume or Price going over potential Trendline of Highs Trendline)
I see two risks at the moment: the risk that we might some kind of a rising wedge. Also for the reason that our pattern breakout is not covered by volume so far.
The bigger risk I see is that since November at 14k the market has been massively overlong without any significant setbacks that would have made the traders sentiment negative for some while. The longer a funding range has pointed in one direction, the stronger the countermovement (reference values would be bear market 2019, and Corona price drop). Be prepared for an early bear market (does not mean you have to close all positions now). Similarities to the pricerise in the 2013 bull market cannot be denied (here we had a double bubble). Just to let you know the first bubble back then popped at -80%.
All new market entrants have only experienced gains so far and holding strength has never been tested. This combined with a funding that has been long since NOV and is in the range (red) again to funding highs could cause a larger dump as expected at some point in the near future.
For now I am bullish and watching the closes of the next few days but on the bigger timeframes I am gradually becoming more cautious and taking profits on the way up.
I see two risks at the moment: the risk that we might some kind of a rising wedge. Also for the reason that our pattern breakout is not covered by volume so far.
The bigger risk I see is that since November at 14k the market has been massively overlong without any significant setbacks that would have made the traders sentiment negative for some while. The longer a funding range has pointed in one direction, the stronger the countermovement (reference values would be bear market 2019, and Corona price drop). Be prepared for an early bear market (does not mean you have to close all positions now). Similarities to the pricerise in the 2013 bull market cannot be denied (here we had a double bubble). Just to let you know the first bubble back then popped at -80%.
All new market entrants have only experienced gains so far and holding strength has never been tested. This combined with a funding that has been long since NOV and is in the range (red) again to funding highs could cause a larger dump as expected at some point in the near future.
For now I am bullish and watching the closes of the next few days but on the bigger timeframes I am gradually becoming more cautious and taking profits on the way up.
Trade closed: target reached
Comment:
yeah i guess close was to early haha
While dropping we formed a bearflag with the same pricetarget. Weekly EMAs say the same.
I want to hear the noise fade away