Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Huraian
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Recent analysis shows that a falling wedge is about to finish in the next few hours (Bearish). However, Bitcoin had a very similar rising wedge last week, 2 or 3 days before CBOE. When the rising wedge finished, Bitcoin's price rised 5,000 USD in only 2 days. Was the rising wedge a problem? No.
In my opinion, this similar wedge, also 2 or 3 days before CME, as dumb as it may sound, is a bullish sign.
However, another key thing to point out is that the major alts at this moment all have bullish patterns. If the inverse movement between the alts and BTC hold true I really think this rising wedge will work out resulting in a large pull back for BTC to makeup for all the ones it has recently missed.
I also believe BTC has been stagnant long enough to break the exponential trend but I would need to consult the charts to confirm this. But if this is the case I believe we may be entering the pull back that pulls BTC out if its current exponential trend.
I also believe BTC has been stagnant long enough to break the exponential trend but I would need to consult the charts to confirm this. But if this is the case I believe we may be entering the pull back that pulls BTC out if its current exponential trend.
Disclaimer: I'm relatively new at this