$BTC Rising Wedge: We May Visit the Price Abyss Soon
Bitcoin has seen an upward movement that is unprecedented throughout its cycle by having a 10-day straight pump with a correction that doesn't transcend the 23% fib retracement levels and it has seen about three different pumps spanning across three periods, it is due for a correction in my own opinion but somehow it has managed to continually keep up the momentum and when we think it is going downwards it continues to prove beras wrong by having another leg up after another leg up but just like everything that obeys the laws of motion, whatever goes up will surely come down.
My focus is on the identified "Textbook Rising Wedge Pattern" currently visible on the Bitcoin chart both on the daily candle and the 4hr Candle, this pattern starts from a lower low and moves it way upwards with the most likely breakout usually to the downward side. I for one will not say that we see downwards movement from here but I am very cautious of our current level of supply which tallies with the redistribution stage of the textbook "Wycoff distribution model', the $47,000 to $51,000 level is a critical level to watch following the sharp rejection at $48,000 a few days back- this is one of the sharpest SFP(Swing Failure Pattern).
In the case that this Rising Wedge breaks down I will place bids around $36,000 level in partial fulfilment of the rising wedge pattern and its levels.
The driver of this new phase of 'Bull Run' is the NFTs and complaints have started emanating on Twitter about how many of the NFTs have become another 'shitcoin', a user lamented how he has been rugged three times this week already - this is the brutal fate of NFTs just like all other innovation that seeks to thrive on feelings and less logic. Analysts have also raised concerns about how the market has been thriving solely on the push from the FTX team which was most evident on Aug, 9th 2021 when the US Senate was having a debate on some crypto-related provisions and the market was reacting to it we just saw some crazy Longs of about 440M each, this has made people have the opinion that this is a forced Bull Run to draw in Retail FOMOers and dump the Market on them.
My focus is on the identified "Textbook Rising Wedge Pattern" currently visible on the Bitcoin chart both on the daily candle and the 4hr Candle, this pattern starts from a lower low and moves it way upwards with the most likely breakout usually to the downward side. I for one will not say that we see downwards movement from here but I am very cautious of our current level of supply which tallies with the redistribution stage of the textbook "Wycoff distribution model', the $47,000 to $51,000 level is a critical level to watch following the sharp rejection at $48,000 a few days back- this is one of the sharpest SFP(Swing Failure Pattern).
In the case that this Rising Wedge breaks down I will place bids around $36,000 level in partial fulfilment of the rising wedge pattern and its levels.
The driver of this new phase of 'Bull Run' is the NFTs and complaints have started emanating on Twitter about how many of the NFTs have become another 'shitcoin', a user lamented how he has been rugged three times this week already - this is the brutal fate of NFTs just like all other innovation that seeks to thrive on feelings and less logic. Analysts have also raised concerns about how the market has been thriving solely on the push from the FTX team which was most evident on Aug, 9th 2021 when the US Senate was having a debate on some crypto-related provisions and the market was reacting to it we just saw some crazy Longs of about 440M each, this has made people have the opinion that this is a forced Bull Run to draw in Retail FOMOers and dump the Market on them.
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