Rising wedge & regression trend
Updated
Ok so ive done a regression tend, to try to make sense of BTC price action and its still baffling...
As you can see we are still in a rising wedge, now mapping on a regression trend it clearly shows, that although the previous legs up seemed weak, in comparison to this last one they made more sense TA wise and were relatively strong in volume, tracking to the boundaries of the regression trend and trend line within the larger rising wedge.
Therefore we can say this last leg made little to no sense when looked at from any standpoint apart from the obvious correlation with the S&P.
BTC exchanges have low volume and low liquidity and the price is easily drove up because of this. Whales owning large amounts of BTC are more often than not obviously going to also be invested in the traditional markets & big players in traditional markets are likely going to be invested in BTC.
When stonks go up... they lump into BTC and BTC is acting like a low float momentum penny stock that is easily run-up...
The same people are manipulating both markets...
This is all well and good when there is plenty more room to run up and plenty of people to throw money at it... At any stage, these whales can pull the rug out... and it will take nothing to send BTC to 3k...
When does it happen... When the idiot bulls squeezing whatever they can out traditional markets finally realize pumping the market is no remedy to 30million unemployed.
Does that ever even happen is the question??
With promised never ending QE does it happen before we get Zimbabwe economy??
As you can see we are still in a rising wedge, now mapping on a regression trend it clearly shows, that although the previous legs up seemed weak, in comparison to this last one they made more sense TA wise and were relatively strong in volume, tracking to the boundaries of the regression trend and trend line within the larger rising wedge.
Therefore we can say this last leg made little to no sense when looked at from any standpoint apart from the obvious correlation with the S&P.
BTC exchanges have low volume and low liquidity and the price is easily drove up because of this. Whales owning large amounts of BTC are more often than not obviously going to also be invested in the traditional markets & big players in traditional markets are likely going to be invested in BTC.
When stonks go up... they lump into BTC and BTC is acting like a low float momentum penny stock that is easily run-up...
The same people are manipulating both markets...
This is all well and good when there is plenty more room to run up and plenty of people to throw money at it... At any stage, these whales can pull the rug out... and it will take nothing to send BTC to 3k...
When does it happen... When the idiot bulls squeezing whatever they can out traditional markets finally realize pumping the market is no remedy to 30million unemployed.
Does that ever even happen is the question??
With promised never ending QE does it happen before we get Zimbabwe economy??
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Note
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