Okay - Good and Bad news
1, The Bad news first - BTC isn't likely to get any better before the end of the month, i.e no Bull runs are likely to happen
2, The Good news - If we can break out around the the end of the month of this declining wedge - We can officially class ourselves in Bull Season and expect to see new highs.
Going back to the previous year there have been two main low level lines that are not too far from each other - Outlined here as Previous Low Level Patterns - This means, from the past year this sideways action is out of "Normal" low periods - and shows a change in the market. Are Bears "Really" influencing this?.
I dont think so - I think there has been a change due to alot of newer people coming to the market - Myself included - This with the FOMO effect of people that didn't sell at the previous ATH seen over the xmas/New year period - With the new guys coming to the table with weak hands - Has caused a declining wedge - This is actuually a REALLY good thing for those with Strong hands and the ability to buy at the lows.
Ultimately this wedge cannot continue much further - Not at the least without turning Crypto into a similar market seen with stocks of small percentages - Which is not going to happen any time soon.
I have highlighted a Bottom Support Level - This is purely my speculation, by looking at the current chart - It has dropped below but quickly rises above it - If there is a sustained period of time where we are below this line - then it is bad news indeed, I find this unlikely though, although possible.
I have also highlighted a "Fake breakout line" - We seem to break out above this, but again it is not a sustainable breakout and has been brought back down to this level before jumping a couple of times.
I have also highlighted a Possible breakout area - For me this is significant - It would be officially into the second half of the year - If we don't breakout in the second half - Alot of investors and traders will start to get demoralised after a "6 month Bear run" - However this is unlikely to happen and I do expect to see a breakout around this time - At least in terms of this declining Wedge - Where a new trend will begin to happen.
If your swinging - Be careful over the next couple of weeks - Profit areas are beginning to get smaller and fewer
If your holding - Try and accumulate some more around the low areas
Everyone - Stay strong - Stay motivated, This wedge will surely break out over the next few weeks - If the unlikely happens - Well then ya know, FUD wins - and FUD NEVER WINS!!!
1, The Bad news first - BTC isn't likely to get any better before the end of the month, i.e no Bull runs are likely to happen
2, The Good news - If we can break out around the the end of the month of this declining wedge - We can officially class ourselves in Bull Season and expect to see new highs.
Going back to the previous year there have been two main low level lines that are not too far from each other - Outlined here as Previous Low Level Patterns - This means, from the past year this sideways action is out of "Normal" low periods - and shows a change in the market. Are Bears "Really" influencing this?.
I dont think so - I think there has been a change due to alot of newer people coming to the market - Myself included - This with the FOMO effect of people that didn't sell at the previous ATH seen over the xmas/New year period - With the new guys coming to the table with weak hands - Has caused a declining wedge - This is actuually a REALLY good thing for those with Strong hands and the ability to buy at the lows.
Ultimately this wedge cannot continue much further - Not at the least without turning Crypto into a similar market seen with stocks of small percentages - Which is not going to happen any time soon.
I have highlighted a Bottom Support Level - This is purely my speculation, by looking at the current chart - It has dropped below but quickly rises above it - If there is a sustained period of time where we are below this line - then it is bad news indeed, I find this unlikely though, although possible.
I have also highlighted a "Fake breakout line" - We seem to break out above this, but again it is not a sustainable breakout and has been brought back down to this level before jumping a couple of times.
I have also highlighted a Possible breakout area - For me this is significant - It would be officially into the second half of the year - If we don't breakout in the second half - Alot of investors and traders will start to get demoralised after a "6 month Bear run" - However this is unlikely to happen and I do expect to see a breakout around this time - At least in terms of this declining Wedge - Where a new trend will begin to happen.
If your swinging - Be careful over the next couple of weeks - Profit areas are beginning to get smaller and fewer
If your holding - Try and accumulate some more around the low areas
Everyone - Stay strong - Stay motivated, This wedge will surely break out over the next few weeks - If the unlikely happens - Well then ya know, FUD wins - and FUD NEVER WINS!!!