Looks like we are close to the end of the run up MACD still looks bullish . However its at the bottom of the wedge has not yet crossed resistance at the top of the smaller trend. Thought i would post since everyone is so bullish atm. the bigger picture doesn't seem to confirm anything other than BTC is going down. also volume is down and levl 2 orders on bitstamp...
Who knows why BTC does what it does. I think a majority of the market cap is still Dumb Money. Most of the smart people are out or shorting it. seems like some mornings we get a boost maybe the DM's are buying after hours and it gets a boost? No idea really doesnt matter. I dont think its go long time and the bear flag is still legit.
He traders just wanted to share what I am thinking on BTC . As you can see its formed a wedge, The last 70% is a indication that the break out will be to the down side. Also notice the MACD is showing bearish signs and widening another conformation.
Looks like i got stopped out. I still see a bull flag however having a larger candel next to the smaller one isnt looking great. not to mention we dropped below key supports. if we close below those supports $8500 looks to be the next resting spot.