Ladybugs and germs,
We have a pattern within a pattern within a pattern. We are back in the upward wedge, which has formed in a declining wedge, which has formed in a symmetrical triangle.
Looks like BTC, after shaking out leveraged longs with its move to $6,400, is now headed to .... drum roll... the 50 weekly moving average (in green), where I believe it gets rejected. I think that it probably gets there when the 50 intersects with the top of our channel. At least that's what the Stochastic RSI is telling me as well as the RSI.
The stochastic will probably make it to 61 and then get rejected. Similarly, the RSI looks like it's going to hit 55 before being turned away. So, based on this weekly chart, I think that it's good to be long for the moment. At least for the next $1K in price action.
Interestingly, this rally looks to continue until the halving, on or around May 12. And then... in good ol' buy the rumor and sell the news fashion: probably a dump. To where? I don't know, but the 200 Weekly is as good a target as any. By that time, it will probably be at around $5,800 - $6K. Finally, we will probably be in the symmetrical triangle until the fall. The vertical line is my estimated break out (or break down!) date, out of this triangle.
Happy trading and stay safe!
We have a pattern within a pattern within a pattern. We are back in the upward wedge, which has formed in a declining wedge, which has formed in a symmetrical triangle.
Looks like BTC, after shaking out leveraged longs with its move to $6,400, is now headed to .... drum roll... the 50 weekly moving average (in green), where I believe it gets rejected. I think that it probably gets there when the 50 intersects with the top of our channel. At least that's what the Stochastic RSI is telling me as well as the RSI.
The stochastic will probably make it to 61 and then get rejected. Similarly, the RSI looks like it's going to hit 55 before being turned away. So, based on this weekly chart, I think that it's good to be long for the moment. At least for the next $1K in price action.
Interestingly, this rally looks to continue until the halving, on or around May 12. And then... in good ol' buy the rumor and sell the news fashion: probably a dump. To where? I don't know, but the 200 Weekly is as good a target as any. By that time, it will probably be at around $5,800 - $6K. Finally, we will probably be in the symmetrical triangle until the fall. The vertical line is my estimated break out (or break down!) date, out of this triangle.
Happy trading and stay safe!