This is one of the many paths bitcoin could take over the coming months. I think this is the logical play if we're to head to the top of the range, while also factoring in the CME and BAKKT gaps that exist.
It's typical for a walling wedge to have an inverse head and shoulder at the bottom of it, and the right shoulder being the retest of the breached...
If the trend does not reach dynamic resistance, a new bearish phase is likely good for a short position.
If the trend reaches dynamic restraint and continues to complete the Bull Flag Pattern. Then you can go short for a +5% (IN / EXIT) or wait for it to pass the resistance with force to go into Long Position beyond the +12k to be verified.
- The BULL FLAG PATTERN...
we are inside an ascending triangle that that will soon hit a strong downtrend line. this is where the future of bitcoin will be presented. my opinion is that we might get another low at the range of 5500-5600 before we test the downtrend. until than we wait.
soon the new movement will indicate our prices. we are at the end of ascending triangle. there is a better chance that we go up but you must wait till conformation.
BTCUSD daily chat ///
I have already told you my idea that the downward trend has not ended. And I've published graphics about it.
An important support of 6425 was broken. The price is now at 6000 support.
If it breaks it goes to the 5400 and 4970 supports. These are important supports.
You can also see other support in the chart.
If you stay above 6000, there are...
MACD clearly shows that we are in a downtrend right now, but fortunately we have hit bottom at the moment which could suggest uptrend for 2-4 days depending on the speed of the climb. we have hit 7500 3 times allready and it seems this will be our low for now. After the climb and we hit EMA 200 bitcoin should turn back down again and hit that 7100 buy zone.
With USD/EUR trading at 1.19/1, the BTC EUR exchange is over extended by 7%. To put arbitrage in layman's terms for new investors, $9900 USD buys you 1 bitcoin, which you can sell for 8900 Euros.. which you can convert to 10,500 USD on the FX markets.
i may participate if there will be another bitcoin party later later / another year
but Half the people went home already. Decrease/reversal also happens exponentially.
"party" - i mean secondary, third, fourth hype cycles:
now it may looks less crazy than2013. But parties are also not rational.
you still cant defeat the time.
i dont feel like giving exact...
