Bitcoin Symmetrical Triangle Fakeout, Failure, Bounce
Everyone is watching the obvious symmetrical triangle, but let's face it, this is Bitcoin, and things are going to get nasty because it is so obvious.
Considering past sentiment waves, a further pump here could convince the market of an upwards breakout, which will be sold down to new lows. At that point the market will capitulate and see real fear and be convinced of a bear market, which is where the bullish wedge confirms and Bitcoin bounces HARD.
But this is just a guess. Indicators tend to suggest a longer bear phase, so this is legit my bullish hopium more so than what indicators necessarily say. Short-term volatile, but up with maybe one more low. Mid-term down and extremely volatile and confusing. Long-term up still, but becoming mixed.
Putting this out there because the charts I don't publish tend to be the ones that do the best. Need to get in the habit of publishing more to help others.
Considering past sentiment waves, a further pump here could convince the market of an upwards breakout, which will be sold down to new lows. At that point the market will capitulate and see real fear and be convinced of a bear market, which is where the bullish wedge confirms and Bitcoin bounces HARD.
But this is just a guess. Indicators tend to suggest a longer bear phase, so this is legit my bullish hopium more so than what indicators necessarily say. Short-term volatile, but up with maybe one more low. Mid-term down and extremely volatile and confusing. Long-term up still, but becoming mixed.
Putting this out there because the charts I don't publish tend to be the ones that do the best. Need to get in the habit of publishing more to help others.
CoinChartist is run by Tony "The Bull", a level 3 CMT student & technical analyst fascinated w/ Elliott Wave Principle, Hurst Cycle Theory, W.D. Gann, Japanese Candlesticks, & other classical charting methods. Visit coinchartist.io for free TA education!