I'm wondering if most are on the short side of the trade and thinking BTCUSD is set for a downsilde? Seems to be the popular sentiment right now. The only thing is that it may catch many traders off guard if there is a sudden sentiment reversal.
It also looks like we have experienced a similar technical pattern in the past and this was just before bitcoin started a massive run up.
Just another perspective to consider.The chart is looking like we will soon find out.
Comment
⋅
I think we are seeing this today with a big move breaking down through the wedge triangle and heading to the 200 sma on the one day chart. A breach of the 200 should be a great catalyst for a reasonably big move upwards on BTC 0.78% . If the 20 day sma would now move up through the 50 day sma on the BTCUSD 0.78% chart on the left it could potentially be a huge indicator that this bear market has ended and the 20 day may remain up above the 50 now for the duration of the next bull run.
BTC 0.78% is working its wat through the numerous wedge formations (depending on timeframes etc.) It is poised now to break one after the other to the upside and has consistently made lower highs throughout the past few weeks. Now we just need to see some kind of an impulse to kick off. Likely a big move will breakdown but will be another great indication of higher prices to come.