Welcome Back Apostles!
The Mother Ship's Bearish Cycle is nearly complete!
Now, some of you may say the breakout of descending resistance was the reversal of the bear market and you may be correct.
I personally will be treating this like a bear market until Bitcoin finalizes the current market fractal were in and breaks resistance around $11,500.
There is really no point in getting too excited about the swings because this giant falling wedge will look very small in the next 6 months.
Always remember to think long term! Don't let yourself get caught up in the emotional market cycle :)
Looking at the market of Bitcoin we can see a beautiful falling wedge fractal playing out, which is exponentially decreasing each time we bounce off the main trend line.
This to me screams Bullish because it shows that the Bears are slowly running out of momentum while the Bulls are maintaining strong support of the trend line.
On the shorter time frames BTC is on support of $7,800-$8,000 which may or may not hold. If support fails i expect price to fall back onto the trend line.
This should give the bulls strong buy support, which they can use to break out of the remaining falling wedge pattern.
Thank you for tuning into this weeks Bitcoin Update!
Let us all bow our heads and pray for trending support to hold steady ;)
God Bless, JolleyCrypto
The Mother Ship's Bearish Cycle is nearly complete!
Now, some of you may say the breakout of descending resistance was the reversal of the bear market and you may be correct.
I personally will be treating this like a bear market until Bitcoin finalizes the current market fractal were in and breaks resistance around $11,500.
There is really no point in getting too excited about the swings because this giant falling wedge will look very small in the next 6 months.
Always remember to think long term! Don't let yourself get caught up in the emotional market cycle :)
Looking at the market of Bitcoin we can see a beautiful falling wedge fractal playing out, which is exponentially decreasing each time we bounce off the main trend line.
This to me screams Bullish because it shows that the Bears are slowly running out of momentum while the Bulls are maintaining strong support of the trend line.
On the shorter time frames BTC is on support of $7,800-$8,000 which may or may not hold. If support fails i expect price to fall back onto the trend line.
This should give the bulls strong buy support, which they can use to break out of the remaining falling wedge pattern.
Thank you for tuning into this weeks Bitcoin Update!
Let us all bow our heads and pray for trending support to hold steady ;)
God Bless, JolleyCrypto
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