The face of things to come
Updated
Bitcoin just broke out of a major threatening descending trendline. This puts the pattern probabilities back towards a big bullish penant where bulls and bears exhaust each other into a middle ground accumulation area.
Historically, bitcoin has never dumped after a long volatility tightening so my bets would be on a break up. And it will be massive. The money coming into crypto is overflowing into Alts. And when they start failing one by one, BTC will be the only long term safe bet to stay in crypto.
Triangle points to a date around 20 January. Meanwhile I would say to scalp the waves as best as you can. Sell after a rally and buy after a dump. Don't be too greedy, wait for the damn confirmations.
Note
Wow. That Bithumb raid really mucked things up. No TA can resist news like that. Still, though the triangle has clearly broken down, the normal market accumulation zone is still there, the demand has not changed only the risk has increased, so take that into account.Note
The chop is intense. Price literally shredded through both longs and shorts, breaking every sentiment expectation. Still consistent with an accumulation phase, but it would not surprise me one bit to see a flash dump to break every support line before going back up.
Personally I am staying flat on this trade until momentum kicks up a bit on the higher timeframes.
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Well, things seem to have gone south really fast. Pretty much invalidates anything I put up here. Bears party will end eventually, hard to believe with the amount of money coming into crypto recently that price is actually sustaining this downtrend for so long.A big drop to 8k-7k is always possible in BTC, wouldn't be anything out of the ordinary really, but it will have to go through that 11.5k support convincingly.
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If this was to go down it should be going down to around 11k. So hopefully we can do a small break up from here. However that 16k resistance was pretty well established, I doubt we get close to it in the next month.
Many people are calling for 8k, and while its obviously possible, price either never gets to agreed targets or goes way past it (take the 10k target for BTC top for example while we went to 20k). but I just don't see it with the current market cap of crypto.
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I was wrong as hell on the original idea but I'll just keep posting here the current spot.
What about that massive red daily candle. Kind of speaks to itself. For next targets we have 7.3k on the downside and a retest of the 12k break on the upper side. Its bears and bulls fight for the 10k right now so its anyone call. I'm bull biased usually so I'm rooting for up, but any trades I do right now I hedge them as best as I can. Capital preservation is now king.
Trade closed: stop reached
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