As the US Dollar goes down during the upcoming crisis, BTC/USD will be a direct beneficiary and we will see its price rise astronomically not just from a decline in the value of dollar but also as a result of more people turning to Bitcoin (BTC) to protect themselves against the risks of failing government and economies worldwide. QUICK REMINDER Make sure to always use a stop loss when making trades. Now I see it possible that we can go to our targets. As long as it stays above that level, we remain bullish on the long term outlook of Bitcoin (BTC). Hello traders and investors So great to be here today, lets take a little journey and examine THETA Price touched rims of wedge 4 times, and on the 5th bounce we broke the pattern and exited the wedge. People that can already see what is going to come are already preparing for it and they call themselves preppers.īitcoin (BTC) is trading above the 200 Day MA and it is yet to break and/or close below it. A lot of things are going on in the US and when all of it blows us, we will see smaller economies suffer as well. Regardless of that, it will have to react to the upcoming crisis. Whether or not cryptocurrencies in general and Bitcoin (BTC) in particular will behave as a safe haven asset is another debate. It has all got to happen now, in the months ahead not years. If you look at the state of the global economy, we do not have that kind of time. As for traders, it is best to wait to see which way the price breaks out before entering a position.Ī lot of people seem to think the cryptocurrency market will go through the same four year cycle as before and it will take another three years or more before the price can reach a new all-time high. This would be the best time for a long time investor to start buying. In addition to that, we have the price resting atop the 21 Day EMA which means it also has a strong support to protect against a sharp move to the downside. Think about it, the price is now at the extreme end of the falling edge and all it would take is one sharp move to break above it. However, they do not want to bring it to your attention while they are shopping. Make no mistake, this is too big to go unnoticed and a lot of people are watching this play out. There is giant falling wedge forming on the daily chart for BTC/USD right now and yet it is very surprising that nobody is talking about it. They are so focused on smaller time frames that they lose sight of the big picture. Around the end of a bear market when the bearish sentiment is at its peak, investors tend to ignore bigger patterns and instead they focus on smaller time frames to predict bigger outcomes. This kind of behavior is not confined to the bull market where we see investors deliberately ignore the parabolic rise. The immediate bias will remain bullish while the wedge support is held intact.Īt press time, bitcoin is changing hands near $58,900, having put in lows under $56,500 early Friday, according to CoinDesk 20 data.When a market is pushed to an extreme, investors begin to allow sentiment to influence their decision making more than cold hard facts and numbers. Hence, a breakdown – a move below the lower end of the rising wedge – is considered a sign of bullish-to-bearish trend change.Īccording to Heusser, a move below $54,000 would confirm the rising wedge breakdown and open the doors for a drop to $47,000. Bullish volume is still struggling to push the price upwards, and at the current moment volume is falling off. If you had set buy orders at the bottom trend line, merely extending the trend line from the last support into the future, you would be a very happy turtle right now. The converging nature of the trendline indicates the waning of upside momentum. The descending wedge pattern is still holding. The rising wedge comprises converging trendlines connecting higher lows and higher highs. The wedge’s support line is pretty strong, with more than four touchpoints, and that does give me some confidence, though, if we break lower through the trendline, which is when things could get ugly.” “My concern is growing that we might run into a rising wedge scenario,” Patrick Heusser, head of trading at Swiss-based Crypto Finance AG, told CoinDesk in a Telegram chat. The chart pattern has taken the shape of what’s known as a rising wedge, a sign of uptrend fatigue. One expert, however, is calling caution, based on his observation of price charts as bitcoin rose from lows near $43,000 seen earlier this month.
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