So we just broke out of the ascending wedge which could be seen as a bear flag. We're still within the ascending wedge that formed since our bottom @ 6000 and testing its trendline @ 7000-7300 now looks inevitable.
Now, as someone who actually works in the banking industry and loves bitcoin, let me tell you a little secret?
I nearly fomo'd into the pump yesterday... just like I almost did last week. However, the massive rejection of the ihns and the lack of actual volume together with the breakdown tells me there isn't just no bullish momentum, there simply aren't any bulls. Everyone expects June to be bullish, but what if June is bullish because we're touching the bottom of the daily trendline? What if we're just going to rally up to go back down again.
Our best bet at this point is to form a double bottom within the wedge and then break up in order to rally to new heights.
Scenarios:
Temporary reversal at 8200 range
Temporary reversal at 8080
Temporary reversal at 7800
But we're going to touch the trendline either way. There's simply noone buying while we're still in a seller's market.
Now, as someone who actually works in the banking industry and loves bitcoin, let me tell you a little secret?
I nearly fomo'd into the pump yesterday... just like I almost did last week. However, the massive rejection of the ihns and the lack of actual volume together with the breakdown tells me there isn't just no bullish momentum, there simply aren't any bulls. Everyone expects June to be bullish, but what if June is bullish because we're touching the bottom of the daily trendline? What if we're just going to rally up to go back down again.
Our best bet at this point is to form a double bottom within the wedge and then break up in order to rally to new heights.
Scenarios:
Temporary reversal at 8200 range
Temporary reversal at 8080
Temporary reversal at 7800
But we're going to touch the trendline either way. There's simply noone buying while we're still in a seller's market.
