really not looking strong here, im expecting a move downwards from this point forward, adding another short position
idea still seems likely, macd crossed and we’re pumping, if this resistance is broken i think this wedge might actually play out.
btc has pumped nicely into this heavy resistance, what also looks to be forming is either a bearish pennant or a symmetrical triangle(green lines) a breakout above this downtrend line would likely make it a symmetrical triangle as pennants tend to range into their apex. if this downtrendline holds i will be waiting to see how price reacts to this yellow trend...
drew this path exactly two weeks ago, it seems to have played out but it just took a little longer than i expected. that retest of 38 surprised me tbh. i think it’s had a great pump but this dashed white line has been a strong resistance for the past two months. a correction towards 42.5 seems likely to me. still believe this is the start of a relief rally towards 52-56
quick scalp, long entry at 38.8 with a target of 41000.
idea looks better on 5D timeframe, once that macd crosses we should start our move up. 50k is expected, 56k max, but a break past 50 would sure make a lot of people bullish wouldn’t it? which is the perfect time for a rug pull down to 30. it would do exactly what a market is supposed to, take your money. only few win!
im expecting a trend reversal with a target of 50k. from there it’ll likely bounce of this yellow line once more and stop hunt until it reaches 56k. if it follows this path it’ll likely create a wedge, from there i expect us to revisit 30k