Swayzepunkz is short on BTC/USD . This is what a bubble looks like. It started at the beginning of COVID and took off again in the GME frenzy. Many players made this huge. However, bubbles pop, and people suffer. I believe this to be true with Crypto 110%. . As you can see, the bubble began the pop, about 49 days ago, and dropped a whopping 50%. . I know you’re all very excited about the money in crypto, but consider this bubble in your own due diligence as it’s a possibility.
The lines you see are supports being hit after a massive drop. Roughly 36000 is where this symmetrical triangle ends which is in about 3 days. . This is a consolidation triangle which happens after large price movements and hits a level of general confidence. But we just need to look at the chart to know if this will recover. AND SWAYZEPUNKZ doesn’t think it will. . The next support is at 18,000, and a CONTINUATION wedge will do exactly that, as far as we are concerned. Always consider zooming out, as the macro scales will always determine the micro scales.
@aceadam91 your’s are super informative, maybe I could help you post one!
Also, it’s very simple to see. Message me on Monday when your calls expire and you need a job.
SwayzePunkz
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@CryptoPatel this is my explanation of the comment I made on your post!
nestorador
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@SwayzePunkz, This is a perfect illustration for Wyckoff's method of the Distributing Stage of the market, Phase E. Now we have not to miss Phase A of accumulation ;-)
SwayzePunkz
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Thank you very much,
I’ve literally just been studying this chart everyday and it’s proving my analysis with every 1D candle.
I’ve got to look into this Wyckoff method.
SwayzePunkz
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@SwayzePunkz I’m just looking at it now to make sure no fundamentals are missed, because news could really catalyze this.