MilkBread

Bears smell blood, Bulls smell FUD, & Pigs smell themselves!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Not sure what I'm doing just having some fun.
I am VERY unaware of the ins and outs of TA so don't read into this too much,
but if you want to ride along with some unorthodox sense-making you get front row seats.

So what I got here is some big wedge action coupled with a down channel ,
a MACD , a 120 day SMA , a 120 day EMA (thicker line), and last but not least our distant friend the Volume Profile Indicator <3

First things first, what's up with the 120 yo???
Well here's the 411: I wanted to look at just the last 120 days in BTC because I suspect that's when all the newbies and big shots came onto the scene, making things A LOT DIFFERENT. Worth pointing out; BTC is a youuuung market and as everyone says is 10x faster, so volatile, much danger, but what needs to follow up on that is things are changing (or so I'm told) and I wanted my data to give more weight to that. (The Volume Profile is compiled of roughly the last 120 days)

I have used the volume profile to give a more generalised resistance and support line where most of the trading seems to happen. This is outlined in the blue rectangle .
We can see the current price action is bouncing close on the support line - even though it is reinforced with the support line of the large wedge the bears are making it pretty threadBARE (get it?? ;V) and we're going to see it break out on the bottom then hang on by a thread until dropping off the end. There won't be a big move down as this is a big wedgeyboy, and that MACD has plateaued into its 9day EMA - I imagine lows of 7,3 before rising back to the healthy 8,5. Really nothing exciting to see for the next few days SO WHY THEN AM I ON THE EDGE OF MY SEAT?

The 120 EMA and SMA supports confirmation that the nasty double top will remain king of the castle for a while. We haven't had a good rally for a while, but that's the pressure of the wedge .

In conclusion: there is nothing signalling a bull run in the near future but don't get weak hands, HODL, trade often, take small wins, and let's ride out the bear's dominance a little longer!

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