Mega Falling Wedge. And what about the volume?
Updated
Bitcoin has been forming a very large Falling Wedge over the past several weeks. We can see that support and resistance levels are bound by the wedge, and that we are nearing its apex. What will happen at the end of this wedge? Considering market sentiment and the current global financial climate, I'd say it's more likely that BTC will break downards. But there is a possibility (since this is generally considered a bullish sign) that we will see a reversal. Evidence of a possible reversal is in the fact that there is still so much money sitting inside of exchanges in either fiat or Tether. The founder of Binance recently, during an interview, divulged that almost all of the money which was "lost" from the Market Cap of Cryptocurrency is just sitting in the users exchange accounts. Possibly waiting there for the opportunity to buy back in. Waiting for the blood to stop spilling. What this indicates, to me, is the possibility that all of these people waiting to buy back in are going to see a single green candle and we'll likely see the biggest FOMO event of the year. That is, of course, if the CEO of Binance isn't lying...
The other thing I noticed which doesn't seem to be getting much attention here on TV is current daily trading volume VS what we were seeing near September. On most days, Volume is nearly double what it was when BTC was worth 3k... Why is this? Why is volume continuing to increase while the price of BTC continues to Decrease? Is this the impact financial institutions have upon our space? Pouring there money into the markets, but only to Short it?
We're getting pretty close to finding out what's going to happen to the industry. Either we break down support below 5500 and head towards 3k, then 1k, and ride that out for the next 2 years. Or we see all these Tether holders cause the years first Bull Run.
What do you think?
The other thing I noticed which doesn't seem to be getting much attention here on TV is current daily trading volume VS what we were seeing near September. On most days, Volume is nearly double what it was when BTC was worth 3k... Why is this? Why is volume continuing to increase while the price of BTC continues to Decrease? Is this the impact financial institutions have upon our space? Pouring there money into the markets, but only to Short it?
We're getting pretty close to finding out what's going to happen to the industry. Either we break down support below 5500 and head towards 3k, then 1k, and ride that out for the next 2 years. Or we see all these Tether holders cause the years first Bull Run.
What do you think?
Comment
Looks like the upper barrier of the wedge was briefly pierced. I doubt that this indicates we are breaking the downtrend. But it is a good sign. And the wedge is running out of space.I know this is a very simple "analysis". But sometimes looking at things as simply as possible reveals more truth than obscuring the big picture with over-analysis.
Ultimately, will it break upwards, Or down?
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