We have touched the top of this downwards facing channel we have been in for quite some time now.
I would be hesitant to take a long position now unless we were to break out of this channel and consolidate above it.
I am still bearish on BTC short term.
My previous charts have played out perfectly so far.
I am confident that my macro wedge theory will continue to play out before finally being broken later in to the year.
Another break below 9k would be confirmation of a short position, with profits being taken at 8.6k, and closing that position at 8.1k.
The lines in pink are from my previous TA that have been left untouched, check for yourself.
And so here we find ourselves at what might be one of the most interesting price points in bitcoins history following the bull run of 2017.
So much is going on in the world right now that anything is possible, however I am still confident that the long downwards wedge...
My previous TA (marked and unchanged using the pink dashed lines) has played out almost entirely correct.
We are still in a 3 + year long bear market, and until this trend has been broken AND we receive confirmation, we must rationally assume that this is still the current sentiment of the market.
Granted, there are signed of bullish divergence but I find it...
I have marked key points of interest with two phases of bullish & bearish potential outcomes. No fancy TA, just intuition based off of the previous price action.
Breaking above the green trend line we can anticipate a bullish continuation of the micro trend
Micro target 7700-7900
Macro target (if resistance is broken): 8300-8500
I have been reading other post from Trading View members, today I decided to give posting my own observation a go! I am new to this and do not have the full spectrum of vocabulary and understanding to consider myself an annalist, but lets give it a shot.
There are two descending triangle formations since the correction from the 14k mark, I will be looking for a...