Bitcoin, Falling wedge reversal? or something else?
Many people are talking about the falling wedge pattern on the daily chart. No one really knows what exactly is cooking behind.
Points to note: (I'll keep this simple and short)
1) Hammer on weekly (Not playing out as expected)
2) Notice the breakdown of the smaller falling wedge (marked in red falling wedge.
3) Overall CT has gone insane now with unrealistic price targets. They call $1 million if BTC pumps up by a few %, or call for triple digits of price dumps by a few percent.
4) This is an unhealthy market, primarily ruled by algos and bots, so actual outcome can be even different, maybe continue a sideways chop till both bulls and bears are exhausted, CT goes silent, (or maybe bored), and then BTC will take a path of its own
5) Fears about an upcoming global recession, the FED balance sheet, debt deficits and all, if the economy blows up, who knows?
6) and to be very honest, no one has seen how BTC will perform in a bear market. We have been in a bull market for stocks for the last decade, so in my opinion, its a make or break situation for me. If it acts as a "safe haven" in times of a recession, it can go to any number. Sky is the limit, but just like any other asset, it will crash first, so be prepared to ride the emotional rollercoaster. :)
Final view: I'll be looking forward to take a long on breakout of this wedge. Targets depend on market condition.
Points to note: (I'll keep this simple and short)
1) Hammer on weekly (Not playing out as expected)
2) Notice the breakdown of the smaller falling wedge (marked in red falling wedge.
3) Overall CT has gone insane now with unrealistic price targets. They call $1 million if BTC pumps up by a few %, or call for triple digits of price dumps by a few percent.
4) This is an unhealthy market, primarily ruled by algos and bots, so actual outcome can be even different, maybe continue a sideways chop till both bulls and bears are exhausted, CT goes silent, (or maybe bored), and then BTC will take a path of its own
5) Fears about an upcoming global recession, the FED balance sheet, debt deficits and all, if the economy blows up, who knows?
6) and to be very honest, no one has seen how BTC will perform in a bear market. We have been in a bull market for stocks for the last decade, so in my opinion, its a make or break situation for me. If it acts as a "safe haven" in times of a recession, it can go to any number. Sky is the limit, but just like any other asset, it will crash first, so be prepared to ride the emotional rollercoaster. :)
Final view: I'll be looking forward to take a long on breakout of this wedge. Targets depend on market condition.
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