I have been questioning Bitcoin's ability to be a fiat alternative for a while but for the purposes of this post that is a subtlety that isn't important. What I have thought for a long time is that bitcoin benefits from "quantitative easing", and I think there is a good case that QE will resume shortly and buyers have stepped in in anticipation. There may be also some halvening buyers but I think they are going to make the right play for the wrong reason. BTCUSD benefits from "real world" liquidity. Like many I am sure I have flipped from bullish to bearish, and like many I am better at charting trades than I am trading. But this wedge is pretty straight forward from here, from a trading perspective.
I have started to see parabolic moves as a series of wedges. When one wedge breaks to the upside you get another. Now you cannot guarantee 100% that one wedge will lead to another wedge with a steeper slope but of all the assets that seem to do that as a fractal I think you can make the case that bitcoin does it the best. The support for the yellow wedge is pretty defensible but the resistance is still open to interpretation based on where this uptrend actually terminates. It is somewhat intuition and experience that has me draw it as such. It is also intuition that has be draw the green and black lines which sets up the purple oval as a potential fractal. The purple lines are of course a falling trendline that flipped from resistance to support.
All in all this is a big picture post. When I tunnel down to the 12H timeframe, which I enjoy for my swing trades, I see divergence with the MACD, MACD histogram, and the RSI with price action toughing the 3rd standard deviation bollinger band and at support. This divergence suggest a break to the upside and sets the case to confirming my inverted head and shoulders in my main chart.
Bully.
I have started to see parabolic moves as a series of wedges. When one wedge breaks to the upside you get another. Now you cannot guarantee 100% that one wedge will lead to another wedge with a steeper slope but of all the assets that seem to do that as a fractal I think you can make the case that bitcoin does it the best. The support for the yellow wedge is pretty defensible but the resistance is still open to interpretation based on where this uptrend actually terminates. It is somewhat intuition and experience that has me draw it as such. It is also intuition that has be draw the green and black lines which sets up the purple oval as a potential fractal. The purple lines are of course a falling trendline that flipped from resistance to support.
All in all this is a big picture post. When I tunnel down to the 12H timeframe, which I enjoy for my swing trades, I see divergence with the MACD, MACD histogram, and the RSI with price action toughing the 3rd standard deviation bollinger band and at support. This divergence suggest a break to the upside and sets the case to confirming my inverted head and shoulders in my main chart.
Bully.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
