BTC currently finds itself in a rising wedge, whilst simultaneously forming a round top, similar to what we saw in February but on a smaller scale.
We also appear to be entering great accumilation zone once more, however, as we continue to travel higher into the rising wedge, I grow increasingly cautious due to the bearish nature of this formation.
Of course, BTC is heavily influenced by its funadamentals, such as corporational adoption. But from a pure TA perspective, BTC appears to be reaching the end of the up trend it has been trading in.
Having traded positivley for mutliple weeks now, it should be anticipated that at some point the trend must end, and a reversal will occur.
My personal plan:
- Begin to reaccumilate in the 46-48K price range.
or in the case where we break below:
- Begin to reduce position size below >46K in anticipation of a bearish continuation.
We also appear to be entering great accumilation zone once more, however, as we continue to travel higher into the rising wedge, I grow increasingly cautious due to the bearish nature of this formation.
Of course, BTC is heavily influenced by its funadamentals, such as corporational adoption. But from a pure TA perspective, BTC appears to be reaching the end of the up trend it has been trading in.
Having traded positivley for mutliple weeks now, it should be anticipated that at some point the trend must end, and a reversal will occur.
My personal plan:
- Begin to reaccumilate in the 46-48K price range.
or in the case where we break below:
- Begin to reduce position size below >46K in anticipation of a bearish continuation.
Comment:
Bounce found, target 51.5K
