Bullish or Bearish? Wait for the triangle to break
Updated
It's starting to look like the plot of a movie. Half of the market seems to try to convince (themselves) we're bullish. The other half is trying to convince (themselves) we're bearish. Everyone looking for validation everywhere.
I'm currently out in USDT and sold the three tops. Really not convinced this is going higher so I'm more on the bearish side. But I know I could be wrong, so I'm ready to turn sides at any time I see this going up.
1. First reason I'm still bearish is the 3D MACD line. It has just crossed down and I think there is a lot of room to go lower.
2. It does look like a Head & Shoulders formed.
3. At this precise moment, BTCUSD is within an ascending channel. These kind of channels tend to break down.
4. Yet another one, BTCJPY is within a rising wedge and 1H MACD wants down.
5. We're currently at the last pitchfork resistance.
______________________
There is something I see bullish though, which is the current triangle fractal we're in, resembles the one just before.
If this plays, we should dump one more time, bounce, and then go up.
______________________
Currently, my advise to everyone who is anxious to buy back in, or doesn't know for sure if it's a good idea to sell now and take profits for a three month bull run, is to wait and see the direction where this triangle breaks. If it breaks up with volume, buy in and sell around 3800. If it breaks down, well, don't buy. If you're holding use these key levels to get an idea about what to do.
Good luck!
I'm currently out in USDT and sold the three tops. Really not convinced this is going higher so I'm more on the bearish side. But I know I could be wrong, so I'm ready to turn sides at any time I see this going up.
1. First reason I'm still bearish is the 3D MACD line. It has just crossed down and I think there is a lot of room to go lower.
2. It does look like a Head & Shoulders formed.
3. At this precise moment, BTCUSD is within an ascending channel. These kind of channels tend to break down.
4. Yet another one, BTCJPY is within a rising wedge and 1H MACD wants down.
5. We're currently at the last pitchfork resistance.
______________________
There is something I see bullish though, which is the current triangle fractal we're in, resembles the one just before.
If this plays, we should dump one more time, bounce, and then go up.
______________________
Currently, my advise to everyone who is anxious to buy back in, or doesn't know for sure if it's a good idea to sell now and take profits for a three month bull run, is to wait and see the direction where this triangle breaks. If it breaks up with volume, buy in and sell around 3800. If it breaks down, well, don't buy. If you're holding use these key levels to get an idea about what to do.
Good luck!
Note
Fractals are very important tools for measurement. Using fractals within my previous idea, I managed to forecast the top of the first bull run on May 25th. Check it out yourself here:
Even though there are five bearish signals, the bullish one is huge.
Note
I also think if it falls down now, the next support at 2420 is key. If it bounces upwards with volume, I'm going bullish. If it dumps, more likely the bear trend will continue.Note
We're now at the 2420 level and there is no volume. That's bad.Note
Seems like the fractal is going to win.Note
Two days later, seems like the bears are winning. Tough battle.
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