Dear trading enthousiast,
Maybe I am suffering from tunnel vision, or confirmation bias, but I see many trend lines converging to a ~6400/6500 target to the beginning of May (and a capitulation afterwards).
Earlier I expected a pullback before reaching the top of the channel, but I think we won't see that happen (in fact, I don't think the bottom of the channel will hold).
In hindsight, I think market makers only needed to agree on two targets (as depicted) to compute and program all support and resistance lines in their bots for this rally and final stage (with capitulation) of the bear market. This market is mostly controlled by trading bots and these bots need targets.
Just my view on crypto and I am curious about your thoughts!
TheNDK
This post is just for your entertainment and not financial advise!
Maybe I am suffering from tunnel vision, or confirmation bias, but I see many trend lines converging to a ~6400/6500 target to the beginning of May (and a capitulation afterwards).
Earlier I expected a pullback before reaching the top of the channel, but I think we won't see that happen (in fact, I don't think the bottom of the channel will hold).
In hindsight, I think market makers only needed to agree on two targets (as depicted) to compute and program all support and resistance lines in their bots for this rally and final stage (with capitulation) of the bear market. This market is mostly controlled by trading bots and these bots need targets.
Just my view on crypto and I am curious about your thoughts!
TheNDK
This post is just for your entertainment and not financial advise!
Trade closed: target reached