Quick preface. What if every time we catch a higher high smaller than our all time high or a local lower low, we increase the size of the Hotel California Wedge? This means that we don't break the wedge until we set a higher high. Even if we do reach the end of the Hotel California Wedge, we can still trend sideways out of it. My price analysis is short and sweet.
The white and red lines are channel heart lines I expect Bitcoin to follow depending on whether it breaks up or breaks down. It doesn't mean they are where I expect those breakouts to occur. It means that if we break out from the up channels and down channels we're in right now, those are the heartlines I expect us to follow on a macro level.
The lack of a proper correction remains concerning. I'm still hoping for a solid correction down to at least 9000. I don't think it's going to happen. Germany opened access to Bitcoin through its stock market. Bitcoin is now accepted in certain vending machines. Grayscale is buying up Bitcoin at an absurd rate. The path we're on seems to involve a confusing bull market spanning years followed by a frustrating bear market spanning years. Not because we haven't corrected now, but because we may not correct for a very long time.
The white and red lines are channel heart lines I expect Bitcoin to follow depending on whether it breaks up or breaks down. It doesn't mean they are where I expect those breakouts to occur. It means that if we break out from the up channels and down channels we're in right now, those are the heartlines I expect us to follow on a macro level.
The lack of a proper correction remains concerning. I'm still hoping for a solid correction down to at least 9000. I don't think it's going to happen. Germany opened access to Bitcoin through its stock market. Bitcoin is now accepted in certain vending machines. Grayscale is buying up Bitcoin at an absurd rate. The path we're on seems to involve a confusing bull market spanning years followed by a frustrating bear market spanning years. Not because we haven't corrected now, but because we may not correct for a very long time.
Note
If you're curious, I am a bull and do expect a break to the upside beginning today. My expectation is that seeing BTC for under 10k starting today is going to be rare.Trade closed: target reached
I feel really good about that resistance line, and even better about the fact that has been turned into support
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.