Bullish rising wedges? FOMO buyers getting rich? Or else?
We can see that last time we had a rising wedge and weekly indecisive candle, that dropped into an ascending triangle, and broke to the upside. This could happen again here as a repeating pattern.
This recent trend of extreme white knuckle bullishness has had a lot of rising wedges, bearish divergences, and overbought oscillators that do not result in any kind of bearish reversal. FOMOers are not getting rekt! It feels like 2017 again.
I'm not going to call for anything because it seems as soon as I do the market goes out of its way and proves the opposite. I think whoever is pumping this wants to create FOMO as their investment strategy. If they wanted cheaper bitcoin they could have it. The FOMO is being deliberately created. However Google trends show "bitcoin" is not getting more popular. The thought you are supposed to have here is: "maybe this is the last time I'll be able to get a bitcoin under 10k ever again?".
It could be a binance manipulation in league with bitfinex and tether, which seek to create a new stablecoin due to the tether debacle coming unraveled. Then Facebook coin "libra" or whatever it is going to be called is supposed to be announced next week. Will any money actually come into crypto through Facebook? Will you be able to buy crypto with Facebook coin? I guess we'll find out next week when the white paper is released. But short term isn't going to get anything from Facebook. So It's gonna have to hold these prices for months, and hope Facebook brings in new money for now to be a good buy time.
What appears to be going on is fundamentals are over-riding technicals. Technicals say we are way over extended. We had 2 weekly candles show exhaustion in this rally, one a spinning top near 5k and another now evening star which was confirmed at 8800 last week again. But neither have brought in the much needed correction. We have popular traders like magicpoopcannon FOMOing into this rally after calling for lower lows. We even have declining / low volume in the last move from 8k to where we are now. Is it all just one ugly ugly bull trap, with some dainty litecoin / shitcoin halving as it's raison d'etre? Or do we have a bonfied bull market starting here that seeks to put all previous ones to shame?
So we are back at the trendline we rode up to 9100 from our low at 3100 on the MFI and RSI. Rising wedges everywhere. Double tops, and another one possibly forming, low volume, declining google trends, and binance scams, and facebook fomo pumps all coming out of the woodwork. What a perfect storm.
This recent trend of extreme white knuckle bullishness has had a lot of rising wedges, bearish divergences, and overbought oscillators that do not result in any kind of bearish reversal. FOMOers are not getting rekt! It feels like 2017 again.
I'm not going to call for anything because it seems as soon as I do the market goes out of its way and proves the opposite. I think whoever is pumping this wants to create FOMO as their investment strategy. If they wanted cheaper bitcoin they could have it. The FOMO is being deliberately created. However Google trends show "bitcoin" is not getting more popular. The thought you are supposed to have here is: "maybe this is the last time I'll be able to get a bitcoin under 10k ever again?".
It could be a binance manipulation in league with bitfinex and tether, which seek to create a new stablecoin due to the tether debacle coming unraveled. Then Facebook coin "libra" or whatever it is going to be called is supposed to be announced next week. Will any money actually come into crypto through Facebook? Will you be able to buy crypto with Facebook coin? I guess we'll find out next week when the white paper is released. But short term isn't going to get anything from Facebook. So It's gonna have to hold these prices for months, and hope Facebook brings in new money for now to be a good buy time.
What appears to be going on is fundamentals are over-riding technicals. Technicals say we are way over extended. We had 2 weekly candles show exhaustion in this rally, one a spinning top near 5k and another now evening star which was confirmed at 8800 last week again. But neither have brought in the much needed correction. We have popular traders like magicpoopcannon FOMOing into this rally after calling for lower lows. We even have declining / low volume in the last move from 8k to where we are now. Is it all just one ugly ugly bull trap, with some dainty litecoin / shitcoin halving as it's raison d'etre? Or do we have a bonfied bull market starting here that seeks to put all previous ones to shame?
So we are back at the trendline we rode up to 9100 from our low at 3100 on the MFI and RSI. Rising wedges everywhere. Double tops, and another one possibly forming, low volume, declining google trends, and binance scams, and facebook fomo pumps all coming out of the woodwork. What a perfect storm.
Comment:
Check out the weekly bearish divergence on RSI and MFI... Will bitcoin blow this off as nothing as well?