BTC/USD - I get asked a lot - When will the bulls be back? My answer is simple, we all want to be bullish but when the facts on the charts are pointing toward an ultimate bearish scenario a bulls mind can change very quickly.
What we are seeing on the daily chart above is a huge 16 week accumulated wedge on BTC. We had a double top around the $7,750 - $7,800 mark which was almost one of the most predictable moves ever. We also dropped out of the falling wedge on the 4 hour time frame and found huge resistance on the previous support.
I do think this market wants to see a lower BTC price and I feel a bearish market cycle needs to end in complete pain on some peoples ends, it needs to shake out literally every person that cant handle any more.. Are we close? Hmm I think we are although I play the charts as I see them and at the moment I feel a daily close below this wedge would give us the confirmation of a 6k region BTC even potentially lower if key supports are broken.
A hold on the support here would be a great sign that there is buying pressure in this market.
A scenario to definitely watch out for is a huge fake out. A long wick here on the daily to hunt stop losses and liquidations would be an ultimate bear trap. So I wouldnt be tethering or taking huge short positions till we close below on the daily. Dont be foolish for a few hundred dollars.
Lets see how this plays out.
Message me on Telegram @Alpo_ to chat or join my VIP signals group.
What we are seeing on the daily chart above is a huge 16 week accumulated wedge on BTC. We had a double top around the $7,750 - $7,800 mark which was almost one of the most predictable moves ever. We also dropped out of the falling wedge on the 4 hour time frame and found huge resistance on the previous support.
I do think this market wants to see a lower BTC price and I feel a bearish market cycle needs to end in complete pain on some peoples ends, it needs to shake out literally every person that cant handle any more.. Are we close? Hmm I think we are although I play the charts as I see them and at the moment I feel a daily close below this wedge would give us the confirmation of a 6k region BTC even potentially lower if key supports are broken.
A hold on the support here would be a great sign that there is buying pressure in this market.
A scenario to definitely watch out for is a huge fake out. A long wick here on the daily to hunt stop losses and liquidations would be an ultimate bear trap. So I wouldnt be tethering or taking huge short positions till we close below on the daily. Dont be foolish for a few hundred dollars.
Lets see how this plays out.
Message me on Telegram @Alpo_ to chat or join my VIP signals group.