***DISCLAIMER***
IM NOT 100% SAYING THAT BITCOIN WILL HIT $300K ANYTIME SOON... THIS IS JUST FOR FUN.
The BTCUSD LOG chart shows the channel we're in and where we're currently sat. Yes, the picture looks bleak right now. Yes, the big players have bent the majority of us retail traders/investors sideways. And yes, I need some Adderall and sleep.
But, we...
As we can see, BTCUSD continues to press along in this sideways channel between 30K and 40K. BUT it's showing some bullish signs.
Now, before we get too excited, I'm going to remind you this may still be a fake-out on the HTF's and just the peak of our right shoulder, the top of our dead cat bounce or Elon's signal to sit on the toilet and **** up some comma's....
Something very interesting is forming on the BTCUSD chart. However, it is all a matter of perspective. So lets take a few looks into what we might be seeing in front of us.
.
BTCUSD appears to be in a falling wedge pattern at the moment, seen by the white lines. Traditionally, this indicates a bullish reversal for price action with a price target marked out by...
Wanted to put out a longer term perspective to the ETH Price Action during these uncertain times.
Looking at it through a 3D time frame we can see ETH still respecting the general macro trend. The structure has not broken despite BTC falling into a Bear Market (and sending the rest of the ALTS to the floor with it). ETH has begun to show signs it's breaking away...
"But this crash give me March, 2020 vibes".
Be objective. Use what information the charts give you to make sound judgement calls. This looks to me like a H&S pattern and we know the outcome of those. We failed to reach $42,000 level and the mood in the market is one where retail buyers are exhausted, billionaire accounts are grinning with their mouths wide open...
Expecting severe chop over the next cycle for the BTCUSD pair.
I present this idea as a guide of sort for the coming months.
Wyckoff's Distribution was heavily discussed by many after the crash and few before. Blind to it myself and quite possibly wrapped up in the glory of the possibility of 50x gains to be had in the mother of Alt Seasons, in hindsight,...
