[BTCUSD] We are repeating... and you are missing it
Telah dikemas kini
[NOT FINANCIAL ADVICE]
So while everyone is screaming about Ethereum, Dogecoin and alts in general, this is what is on my mind right now, the next move of Bitcoin.
What everyone is failing to see, is that we have been repeating in a 4-move structure this whole time.
Explanations for the chart:
1. These are bull flag trading channels, once broken out, we've had additional move to the upside as expected
2. These are rising wedges, and the outbreak to the upside of these has lead to the final part before a correction starts, the top of this outbreak is also the top part of the upcoming descending wedge correction channel
3. These are sharp descending wedges, where Bitcoin is correcting, once we break out from the wedge, the correction in general is over, and we move into the 4th part of the move
4. These are rising wedges formed after breaking out from the sharp descending wedges, once we break this rising wedge to the upside, we are entering new territory once again.
My expectations is that we break the current rising wedge to the upside, it is lining up so perfectly with everything going on. This is part of the cycle where Bitcoin should start moving higher.
We are still seeing outflow of BTC from exchanges etc. People overly bullish on altcoins. As I am writing this we are on the bottom of the rising wedge channel, and I am adding onto my long position, that is ballsy right there.
What would neglect this idea? Simple, we break the current rising wedge to the downside, I will then exit some of my margin position on BTC, and just await and see how the chart unfolds.
I needed to publish this idea now, to prove I saw the repetition, and that I saw this move coming. Anyone can act smart in hindsight, this is the hard stuff right here.
Questions? Let me know.
So while everyone is screaming about Ethereum, Dogecoin and alts in general, this is what is on my mind right now, the next move of Bitcoin.
What everyone is failing to see, is that we have been repeating in a 4-move structure this whole time.
Explanations for the chart:
1. These are bull flag trading channels, once broken out, we've had additional move to the upside as expected
2. These are rising wedges, and the outbreak to the upside of these has lead to the final part before a correction starts, the top of this outbreak is also the top part of the upcoming descending wedge correction channel
3. These are sharp descending wedges, where Bitcoin is correcting, once we break out from the wedge, the correction in general is over, and we move into the 4th part of the move
4. These are rising wedges formed after breaking out from the sharp descending wedges, once we break this rising wedge to the upside, we are entering new territory once again.
My expectations is that we break the current rising wedge to the upside, it is lining up so perfectly with everything going on. This is part of the cycle where Bitcoin should start moving higher.
We are still seeing outflow of BTC from exchanges etc. People overly bullish on altcoins. As I am writing this we are on the bottom of the rising wedge channel, and I am adding onto my long position, that is ballsy right there.
What would neglect this idea? Simple, we break the current rising wedge to the downside, I will then exit some of my margin position on BTC, and just await and see how the chart unfolds.
I needed to publish this idea now, to prove I saw the repetition, and that I saw this move coming. Anyone can act smart in hindsight, this is the hard stuff right here.
Questions? Let me know.
Dagangan aktif
See updated idea.
Penafian
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