BTC/XBT - Short-Term Bear, Long-Term MASSIVE Bull
Using price action and volume, I feel fairly confident in saying we're going down. I just don't see enough momentum carrying us forward and past that diagonal trendline. I've seen a lot of W-bottom (double bottom) analyses, which *could* be the case, but recent price action has me thinking otherwise. Like I said, momentum just doesn't feel like it's there.
Ultimately, though, this validates the bottom trendline of a large bull flag and falling wedge combo. In conjunction with CME contracts expiring this Friday, I feel as though this plays accordingly. They make money hand over fist from their shorts, while hedging by actually holding BTC. I imagine that at least some of the profits will get reinvested in either a long via CME or actually buying from exchanges. Plus, Lightning is catching on, and, by all accounts I've read and heard, it's a game changer for scaling and, thus, crazy adoption rates.
Zones to watch are in green. Trendlines are blue (Including the declining volume trendline). Trade Safe!
I'll likely add some harmonic analysis, as well, if this post gets enough attention.
Ultimately, though, this validates the bottom trendline of a large bull flag and falling wedge combo. In conjunction with CME contracts expiring this Friday, I feel as though this plays accordingly. They make money hand over fist from their shorts, while hedging by actually holding BTC. I imagine that at least some of the profits will get reinvested in either a long via CME or actually buying from exchanges. Plus, Lightning is catching on, and, by all accounts I've read and heard, it's a game changer for scaling and, thus, crazy adoption rates.
Zones to watch are in green. Trendlines are blue (Including the declining volume trendline). Trade Safe!
I'll likely add some harmonic analysis, as well, if this post gets enough attention.
Comment:
Upper trendline has been tested and rejected again. Looking for move down now that we're overbought on multiple timeframes, as well as a halt on momentum.
