Hey Folks,
It's been a while since I published an idea, but I have not been away from Crypto at all. In fact, I've just been very busy behind the scenes, intensely studying the charts and watching the Crypto space, and the world in general. So let's get into it...
Today, on my BTC/USDT daily chart, I noticed two trend lines which I drew (In red) - the one going all the way back to December of 2018, and the other to June 2019. What is now significant to me about these two lines, is that they not only culminate in a wedge formation sometime in early April 2020, but after the sharp fall of Bitcoin's price three days ago, the currency now seems to be looking to find some kind of footing and direction going forward. And what do you know, if what I'm observing plays out, the price action may be squeezed into a corner - perhaps very close to, or in the first half of April 2020.
As the more experienced traders among you know, a scenario like this usually results in Bitcoin going into consolidation mode for a period of time. This, combined with the two intersecting trend lines, could sometimes force the price into a very narrow band going forward, before eventually erupting in either an upward, or downward direction. The million dollar question is, in which direction will Bitcoin eventually go?
As always, these are my own ideas and not financial advice of any kind, I am merely sharing one of perhaps many possible outcomes. I would truly love to hear your opinions, your ideas - if you see something different than what I presented here, please leave a comment below. Let's help each other become better traders by sharing your ideas and opinions in the comments below
It's been a while since I published an idea, but I have not been away from Crypto at all. In fact, I've just been very busy behind the scenes, intensely studying the charts and watching the Crypto space, and the world in general. So let's get into it...
Today, on my BTC/USDT daily chart, I noticed two trend lines which I drew (In red) - the one going all the way back to December of 2018, and the other to June 2019. What is now significant to me about these two lines, is that they not only culminate in a wedge formation sometime in early April 2020, but after the sharp fall of Bitcoin's price three days ago, the currency now seems to be looking to find some kind of footing and direction going forward. And what do you know, if what I'm observing plays out, the price action may be squeezed into a corner - perhaps very close to, or in the first half of April 2020.
As the more experienced traders among you know, a scenario like this usually results in Bitcoin going into consolidation mode for a period of time. This, combined with the two intersecting trend lines, could sometimes force the price into a very narrow band going forward, before eventually erupting in either an upward, or downward direction. The million dollar question is, in which direction will Bitcoin eventually go?
As always, these are my own ideas and not financial advice of any kind, I am merely sharing one of perhaps many possible outcomes. I would truly love to hear your opinions, your ideas - if you see something different than what I presented here, please leave a comment below. Let's help each other become better traders by sharing your ideas and opinions in the comments below