BTC/USD Potential Price Action FunHonestly not sure what happens with BTC here.
An Ascending Triangle COULD pan out...
However at this point in time I have little conviction
in this play but am just extending a trendline that
touches to where we MAY have just bottomed on
the BTC dump and a previous high to see if that holds
true for the coming month.
I am still bullish but am willing to be fluid with the
markets, more so just hoping this is something that
plays out, but hope in a market doesn't make money;
strong technical indications, conviction, confluence
with fundamentals and patience makes money.
Drawing this as a reference for my future self to see
what I can do better with mid term predictions of
price action. I am still just a mere student of the
market and like having fun trying to predict these
movements as I learn.
Here is why I chose to draw my prediction the way I did
The line is drawn assuming:
-we temporarily move up from here
-price gets rejected at MA30 and LTF resistance
line
-price moves down to retest bottom trendline
-bottom trendline acts as support and we print a
higher low
-price temporarily breaks thru both LTF resistances
-retraces back to test lower resistance S/R flip
-price guns for previous All Time Highs (ATH)
- price rejected slightly below ATH having people
calling for double tops, instilling more fear,
liquidating longers and having retail traders
losing hope
-price goes down having a "bearish retest" of
lower grey line we previously S/R flipped and
things look even more bearish
-price breaks the bottom of the ascending triangle
many bulls lose hope and sell or short
-shorters get bear trapped, price plows thru both
LTF resistances, S/R flips the top one
-price fake breaks ATH then goes down and
makes late longers sweat
-price "convincingly" breaks ATH, late/breakout longers
get complacent and more add to positions
-price nukes below both grey lines which "should"
act as support where many have their stop losses
placed, many turn bearish, many longs
liquidated
-price completes fakeout then continues
upward on our road to $100k+
Seems like one of the oldest tricks in the whale's
handbook on how to best liquidate retail so it
may be too obvious to be true but it is fun to
guess what will happen :)
