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MPH_

Massive descending wedge for the crypto market. You can see something similar on Bitcoin. More pain may be on the way, but there could be a massive move coming this year.

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Everyone is talking about their waves and their wyckoffs and their on-chain metrics but, at least for the near term, I think it is all unnecessary. IMO we are in dire need of a pullback and Bitcoin has been forming an ascending wedge. Resistance is at this point around $50k with support in the low 40s. Maybe we make it to 50k, maybe we don't. September has...

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If the ascending wedge pattern holds true, there would be a move to ~42k (a continuation of current move lower at this point) and, whether it breaks immediately or first bounces once more, it could end up at ~36k, which would also be a re-test of the 200 day MA, which may be necessary. Where it goes from there could be anyones guess. Just one potential outcome...

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Some great news for the company and a great chart setup will carry this much higher. The company is literally doing everything they can to make this squeeze happen. Some people think it can make a move similar to Gamestop. Look for a breakout above the wedge.

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This could bounce off the 200 day MA and move higher or first move lower (.50 and .90 support) and continue forming what looks to be a bit of a wedge while the market corrects. If the latter occurs, a breakout would constitute a move above the purple line. Can also see the MACD looks potentially calling for a move lower. Paying attention to accumulation as...

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A move below $32k and a break below this wedge would likely mean a continuation lower for Bitcoin. I feel, as I have been saying, that is the direction we are headed. It appears we are getting a bounce right here at around $32.7k, which could take Bitcoin back to ~$34k in the very near term. Either way, it seems likely this wedge breaks to the downside. A move...

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Both of the moves lower in Bitcoin are bear flag formations being held down by basically every moving average known to man (not all pictured above). In addition to the resistance levels, this makes it very difficult to just magically reverse and become bullish again. Not to say it won't soon, but if this is another bear flag here, a move lower seems likely. It...

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$BTC will most certainly have some more pain, which will impact other coins, so be careful buying "alts" right now. They quite possibly all will get rejected at resistance, whether it is resistance line or moving average(s). This can coincide with a bitcoin rejection/move lower. $BTC still in downtrend with continued resistance. Todays candle has quite the tail on...

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$BTC will break either north or south from this wedge pattern and this will define the next month, most likely. Higher means the next month is more likely to be bullish and lower would certainly be more indicative of bearish. Even if higher is the direction, there are many levels left to test and I believe that we could have a run and then come back down. Lower,...

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Notice the moving averages and EMA clouds etc working as resistance for Bitcoin. Notice also the volume has been decreasing for some time during this push higher, which is indicative of a weak push. Bitcoin now encountering resistance. This whole area is a minefield of resistance and support, with "gaps" even to boot where you will see an acceleration in the...

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100 day moving average and also a prominent resistance level are currently in the way. Bitcoin also has been moving lower (as of the last hour or so), which could influence this pullback even more. Notice the fib levels drawn as well, which line up with support levels, for possible areas of support on the pullback. If Bitcoin does not move significantly lower,...

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We have a clearly defined downtrend here (orange trend lines, channel drawn) with all major moving averages acting as resistance. We can see the rejection by the 20-day moving average (purple) from the other day, as well as rejection by the 200-day moving average (red), with the 50-day moving average (green) holding us down in this downtrend, while also recently...

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More downside likely.

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Break below the orange line, move lower. Break above the horizontal red line, move higher. I think $BTC still has some room lower and certainly today should move lower. Notice all the selling in the volume. Reversal not happening yet. I do strongly believe that the lowest we will go is 19-20k. It is possible we don't get lower than 24k. Or maybe we don't even...

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If you are familiar with wedges, you will see where this is going. If you are not, well, it is likely going up. Breakout coming soon. Accumulating where I can. I like to hope (hope is not a winning trading strategy) that this is going to be like the next $MARA or $RIOT. Renewable to boot. Two hot up and coming (or already here) sectors in one. Not trying to sound...

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Bitcoin is, as of now, trading in a channel. The rest of the market has been quite consistent with Bitcoin and everything is very tradable right now. Buy the dips. Sell the rips. Simple as that until we see this channel trend broken. The moving averages will also come into play so keep an eye on Bitcoin holding above the moving averages to verify its strength....