BitcoinLong
The Bullish Rising Wedge
Updated
This is probably the only time I will say this.
The rising wedge we are in right now is one of those beautiful BULLISH RISING WEDGES.
When these things break upward, Instead of the assumed downward that this pattern typically plays out, we make massive gainers.
I believe Bitcoin is going to move very fast and people sitting on the sidelines in stablecoins will rush to join the party. Everyone thought the run could be over, and when it is obvious that it was only a bull market dip then the fomo will begin.
Your friends will be calling you again in no time, talking about how they are geniuses and making all sorts of money. They have been conditioned now to BUY THE DIP. They have seen it work.
We may see the market maker condition them again to buy the dip during the remaining bull run. Once these new investors feel comfortable buying the dip, the market maker will begin the bear market, using each conditioned dip buyer as liquidity to exit.
It is too early to call a resumption of the bull run at this very moment, and it was also far too early when I called it at 29-30k. However, when you take on the type of risk that I have, you make more money than waiting for "confirmation".
So to be clear, I do not think the new market participants have been conditioned enough yet to buy the dips with confidence. Once it becomes the mindset of these new market participants to buy every dip, we will look for the dip that we do not want to buy.
I cannot set realistic price targets for this bull run, traditional technical analysis and fib lines are far exceeded during bitcoin manias... Timing the perfect top would be a fools errand, so dollar cost averaging out of your position, much like I dollar cost averaged into my position, will be key.
The rising wedge we are in right now is one of those beautiful BULLISH RISING WEDGES.
When these things break upward, Instead of the assumed downward that this pattern typically plays out, we make massive gainers.
I believe Bitcoin is going to move very fast and people sitting on the sidelines in stablecoins will rush to join the party. Everyone thought the run could be over, and when it is obvious that it was only a bull market dip then the fomo will begin.
Your friends will be calling you again in no time, talking about how they are geniuses and making all sorts of money. They have been conditioned now to BUY THE DIP. They have seen it work.
We may see the market maker condition them again to buy the dip during the remaining bull run. Once these new investors feel comfortable buying the dip, the market maker will begin the bear market, using each conditioned dip buyer as liquidity to exit.
It is too early to call a resumption of the bull run at this very moment, and it was also far too early when I called it at 29-30k. However, when you take on the type of risk that I have, you make more money than waiting for "confirmation".
So to be clear, I do not think the new market participants have been conditioned enough yet to buy the dips with confidence. Once it becomes the mindset of these new market participants to buy every dip, we will look for the dip that we do not want to buy.
I cannot set realistic price targets for this bull run, traditional technical analysis and fib lines are far exceeded during bitcoin manias... Timing the perfect top would be a fools errand, so dollar cost averaging out of your position, much like I dollar cost averaged into my position, will be key.
Note
Here's the holding of the lower trend line, bullish breakout on 4 hour RSI falling wedge, bullish 4 hour engulfing candle. moving as anticipated and planned.
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