BTC: Falling wedge pattern
Updated
Hi everyone!
At the moment the market can simply be called boring. And not that this is strange, since a sideways movement is something we often see after a halving. A period of drawdown, building up overleveraged short positions that will serve as liquidity to pump bitcoin further.
That is exactly what we can now find in the market. We can find both a bull flag and a falling wedge pattern on the bitcoin chart. A lot of traders are short and funding rates are negative, which shows the current market sentiment. People are bearish. But should we be?
If you ask me, no. This is a standard playbook for a bull run that plays out here, 20% correction around ath level of previous bull run, sideways momentum, a boring market, pretty standard!
I wouldn't be swayed by all the bearish people telling you that Bitcoin is in for a massive downside move. Yes, we are corrective, Yes, we can go a little lower (58K possible?) But, NO, I advise you not to short. Use the dip as a buying opportunity. When this consolidation period is over and bitcoin breaks above 70k, I expect the start of the real bull run, a start of a HUGE alt season, one you don't want to miss. Be wise people, use the history we have. Bitcoin is in a bull market, so DIPS ARE FOR BUYING.
At the moment the market can simply be called boring. And not that this is strange, since a sideways movement is something we often see after a halving. A period of drawdown, building up overleveraged short positions that will serve as liquidity to pump bitcoin further.
That is exactly what we can now find in the market. We can find both a bull flag and a falling wedge pattern on the bitcoin chart. A lot of traders are short and funding rates are negative, which shows the current market sentiment. People are bearish. But should we be?
If you ask me, no. This is a standard playbook for a bull run that plays out here, 20% correction around ath level of previous bull run, sideways momentum, a boring market, pretty standard!
I wouldn't be swayed by all the bearish people telling you that Bitcoin is in for a massive downside move. Yes, we are corrective, Yes, we can go a little lower (58K possible?) But, NO, I advise you not to short. Use the dip as a buying opportunity. When this consolidation period is over and bitcoin breaks above 70k, I expect the start of the real bull run, a start of a HUGE alt season, one you don't want to miss. Be wise people, use the history we have. Bitcoin is in a bull market, so DIPS ARE FOR BUYING.
Note
Should be a fake out. I expect we saw the bottom nowNote
And yes, we saw the bottom. Right now we are breaking out the falling wedge. Breakout target should be around 73K.Note
Breakout confirmed. Lets visit 73k!Note
There we goNote
I expect to hit a new ATH within the coming 10 days.
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