Correction or LTF Continuation?
We had a wonderful run up, that's for sure.
Took out many resistances without respecting them, now we finally respected the upper bound of the broadening falling wedge (red line).
To the downside we finally respected the small range (thin blue parallel lines) which established itself before cryptos "Black Thursday" (March 12th).
The reaction from bulls is strong as there is a lot of momentum in the market as we approach the bitcoin halving event tomorrow or on Tuesday.
Although the halving itself is historically indicative of a sharp decrease in price after the event, things could be totally different this time and whales might take advantage of this bias.
Trade safely, don't over leverage as we might see crazy volatility before and after the halving.
PS: Spot buying and holding longterm proves to be the most reliable method of making money in this market.
Cheers!
Took out many resistances without respecting them, now we finally respected the upper bound of the broadening falling wedge (red line).
To the downside we finally respected the small range (thin blue parallel lines) which established itself before cryptos "Black Thursday" (March 12th).
The reaction from bulls is strong as there is a lot of momentum in the market as we approach the bitcoin halving event tomorrow or on Tuesday.
Although the halving itself is historically indicative of a sharp decrease in price after the event, things could be totally different this time and whales might take advantage of this bias.
Trade safely, don't over leverage as we might see crazy volatility before and after the halving.
PS: Spot buying and holding longterm proves to be the most reliable method of making money in this market.
Cheers!
Penafian
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