Many of you are likely confused about the situation with crypto as things stand and what the best play ultimately is from here which is undoubtedly to reduce risk and wait given the devilish crossroads offered up here by the parabolic FOMO run pushing into the resistance of the broadening wedge on the left; something has to give and will likely do so in the coming week
Put succinctly longs looking for a bonus run are better off to re-enter with relatively tight stops above the pink resistance if a convincingly high-volume break-out hits or else look to re-assess at the halfway line and ideally re-long at the purple support if she holds strong once more
As for shorts... With so many large cap breakouts threatening to tear the roof clean off of these wedges in my opinion it's still far too dangerous in spite of a little divergence here and there since in all likelihood one will regret not having simply been patient enough for the main parabola holding this run together to break... Likewise it's not impossible that this is the local top and probably will be if volume continues to simmer (all eyes on the volume folks)
Put succinctly longs looking for a bonus run are better off to re-enter with relatively tight stops above the pink resistance if a convincingly high-volume break-out hits or else look to re-assess at the halfway line and ideally re-long at the purple support if she holds strong once more
As for shorts... With so many large cap breakouts threatening to tear the roof clean off of these wedges in my opinion it's still far too dangerous in spite of a little divergence here and there since in all likelihood one will regret not having simply been patient enough for the main parabola holding this run together to break... Likewise it's not impossible that this is the local top and probably will be if volume continues to simmer (all eyes on the volume folks)