CryptoTraderMark10

CryptoTraderMark10

Lower time frames have formed a perfect and extremely bullish cup pattern. Will we get a handle or just break right through this resistance? If we break through, 42K would be the target. If we get a handle, look for it to go down to the lower blue line at around 34,800. If that line breaks, the cup & handle would become invalidated and we'd likely get continuation...

CryptoTraderMark10

All the price action since 2015 has been nothing more than a gigantic rising wedge destined to take us back to the $1,000 area. Possible? Why not? We choose the patterns we want to give to price action, and typically the patterns we choose match our bias. If we want the price to go up, we can find a bullish pattern to draw. If we want it to go down, we can...

CryptoTraderMark10

Again -- it's just a matter of perspective and what shapes and patterns you are choosing to draw. Price action is always random and it's only our choice to draw patterns on it that make it seem like it's not random. Here we can see a perfect and massive ascending triangle on the weekly, accompanied by a perfect reset of the stochastic RSI during all of the bullish...

CryptoTraderMark10

NTA = Not trading advice, yadda, yadda, yadda...

CryptoTraderMark10

The biggest downtrends start when everyone is super bullish. Likewise -- the biggest uptrends start when everyone is super bearish. Everyone is extremely bullish right now, which means it's a great time for institutional and family office selling because they know they will find plenty of retail buyers here. It can still definitely go up from here -- and there's...

CryptoTraderMark10

(Not trading advice) - We could be forming an extremely bearish giant descending triangle. Could be something else, of course, and we will only know in retrospect which one was "correct". There are plenty of completely legitimate almost-complete or still-forming bullish patterns you can also draw here, including the inverted head & shoulders everyone is pointing...

CryptoTraderMark10

With the higher time frames unquestionably bullish (things can change, of course, but you need to go with the trend until it changes), the current situation is a game of patience and well-placed orders. You can see how the 89 EMA on the 2 hr (and also the 1-hour) has been supporting the lower time-frame price action through this entire bull run. In the current...

CryptoTraderMark10

Yes - BTC is ALWAYS at a decisive moment and can ALWAYS go either way. Right now - it is either about to invalidate this rising wedge and set a new higher high somewhere around 62K or validate it by plunging downward to the red box area and potentially much lower. Even if it does that, I'm pretty sure the top isn't in yet, though. It will just be a "healthy" correction.

CryptoTraderMark10

It can still go EITHER WAY. But - typically an ascending triangle, especially one forming so clearly over a pretty big period of time, would break upwards. And obviously right now it's much closer to breaking upwards than downwards. But don't guess. Wait for break-out and confirmation to make your trade!

CryptoTraderMark10

We could now be in a large rising channel. Also -- let's not forget the inverse head & shoulders people were pointing out a few days ago. Which became a rising wedge. Which became a falling wedge. Which all now seem to have become a potential rising channel. Which could, in turn, turn out to be part of a larger ascending triangle that is really part of a large...

CryptoTraderMark10

No - there is no "plan" and Bitcoin is not a living thing. The next big move (coming very soon) will take us to either 62K or 45K and will be determined by buyers vs. sellers at this level. Don't marry yourself to a side!

CryptoTraderMark10

Classic Adam & Eve pattern. For BTC over the last year or so, these patterns have proven to play out as they "should", even on lower time frames. It will be invalidated if price goes back under 51,000 (red line) and we stay under there (ie, start opening and closing lower-time frame candles under it). But if 51,000 holds and we start opening and close 4-hr candle...

CryptoTraderMark10

These tend to break more to the upside than downside but the lower the timeframe the less trustworthy any kind of triangle or pattern is, so... not sure. We will know pretty soon, though.

CryptoTraderMark10

They can always be redrawn/re-angled :)

CryptoTraderMark10

We now have a large descending triangle forming on the 12 hr, daily, and two-day. The breakout of this triangle would be anytime between now and the end of the month. Rough target would be 26K.

CryptoTraderMark10

If we're thinking about the market's movements they way we should -- that is, from the POV of the whales and market makers -- and if we know for a fact that 95% of retail traders get wrecked, then we need to try to think of what kind of movement would wreck the most retail traders while filling the bags of whales, and that would be a really quick wick back down to...

CryptoTraderMark10

BA volatility on the 12-hr is still maxed out/in the red and if you draw the triangle as conservatively as possible -- that is, connecting all of those bottom wicks -- the apex of the triangle is all the way out at Jan. 25. So - while it's very likely this triangle will break out to the upside and bring us to 50K/new all-time-highs - be very careful of assuming...

CryptoTraderMark10

Just an educated guess of what Bitcoin's path to 50K will look like on the 12-hr chart, based on clear pivot and resistance points. Fun to try and predict these things and see how it goes. Obviously, the odds of getting something like this even roughly correct are very small. I do stand by my previous prediction that we are forming a large ascending triangle and...