The Audacity of Bitcoin
We knew that if BTC broke this gold trendline that I have pointed out many times that we would get a significant move down. For those of you trading, you should be out now as your stop should have been under those levels. For those hodling, you should be laddering in as BTC moves down.
Depending on the way you look at it, BTC has either broken this ascending triangle to the downside or remains in this wedge. Either way, the likely scenario is that it hits this 5k level, and it's already come very close to it offering entries around 5.2k. Look for rebounds from here and further down at 4.8k for quick entries and exits.
For significant moves up, we have to break into this 6-6.3k range and hold for a stronger move to the upside.
There are a lot of bears right now. A lot of charts calling for BTC to go down/sideways for the next year. And I ask, is it that easy? Everyone knows the last cycle and how long it took. Does it just take another 2 years for things to happen at the rate things are going? Of course with the prospect of ETF's getting approved and Bakkt coming out. i feel like the next move up we get will be violent.
time will tell.
-Sherem
Depending on the way you look at it, BTC has either broken this ascending triangle to the downside or remains in this wedge. Either way, the likely scenario is that it hits this 5k level, and it's already come very close to it offering entries around 5.2k. Look for rebounds from here and further down at 4.8k for quick entries and exits.
For significant moves up, we have to break into this 6-6.3k range and hold for a stronger move to the upside.
There are a lot of bears right now. A lot of charts calling for BTC to go down/sideways for the next year. And I ask, is it that easy? Everyone knows the last cycle and how long it took. Does it just take another 2 years for things to happen at the rate things are going? Of course with the prospect of ETF's getting approved and Bakkt coming out. i feel like the next move up we get will be violent.
time will tell.
-Sherem
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