BTC is in a rising wedge right now also known as exit pump.
It has shown its true colors last month and dumped like it on aids, so after some relief rally every investor should get rid of it.
Why? Because bear market never happens with a single sell off, there are always more stages to it.
If you studied bitcoin cycles we are yet to see the capitulation stage similar to 2018's final sell off, followed by a period of accumulation.
Then again, the bear market started after 20k isn't just about setting lower highs, eventually we shall see lower lows too, which means sub 3k.
If you draw trendlines on daily we could see a large falling wedge, which I pained with red, it fits quite well.
And 1888 could be a nice accumulation zone, since this was the next significant level sub 3k back in 2017.
The rising wedge I talked about earlier is just inside the larger falling wedge, it can be seen more clearly on hourly chart.
Judging from daily support and resistance 7750 could be an ideal and almost godlike short with very minimal risk.
However the markets do not always give us the best opportunity to enter with our trades.
The daily just completed TD9 with pearls perfection, which is mega bearish so there is no guarantee it goes up any further.
It has shown its true colors last month and dumped like it on aids, so after some relief rally every investor should get rid of it.
Why? Because bear market never happens with a single sell off, there are always more stages to it.
If you studied bitcoin cycles we are yet to see the capitulation stage similar to 2018's final sell off, followed by a period of accumulation.
Then again, the bear market started after 20k isn't just about setting lower highs, eventually we shall see lower lows too, which means sub 3k.
If you draw trendlines on daily we could see a large falling wedge, which I pained with red, it fits quite well.
And 1888 could be a nice accumulation zone, since this was the next significant level sub 3k back in 2017.
The rising wedge I talked about earlier is just inside the larger falling wedge, it can be seen more clearly on hourly chart.
Judging from daily support and resistance 7750 could be an ideal and almost godlike short with very minimal risk.
However the markets do not always give us the best opportunity to enter with our trades.
The daily just completed TD9 with pearls perfection, which is mega bearish so there is no guarantee it goes up any further.