BTC is definitely at a high tension point, and while many TA indicators and trends can be observed, none can be confirmed until the patter resolves itself.
In moments like these I prefer to take the historical approach and compare the current chart to patters of the past for guidance.
I think the comparison with the previous ATH of 2017 and resulting bear market afterwards is quite poignant but again anyone can have a different opinion of where exactly we're at when looking at the micro trends of the price/time waves.
My personal opinion is that we're at a comparison point of ~ March 22nd, 2018 denoted by the very pronounced green wick downwards in the days preceding it. Sound familiar?
For now the only thing left to do is wait and see how it plays out as it could also be argued by bulls that we're at ~April 4th, 2018 instead!
Pattern will definitely resolve within 3 days, I don't expect it to take that long and I definitely expect it to be a noticeable breakout event.
Long term trend still bullish, short term trend bearish but unknown if this is the end of the trend or the reversal point
Good luck, happy trading and as always SET YA DAMN STOP LOSSES (but not too tightly or you might lose out)
In moments like these I prefer to take the historical approach and compare the current chart to patters of the past for guidance.
I think the comparison with the previous ATH of 2017 and resulting bear market afterwards is quite poignant but again anyone can have a different opinion of where exactly we're at when looking at the micro trends of the price/time waves.
My personal opinion is that we're at a comparison point of ~ March 22nd, 2018 denoted by the very pronounced green wick downwards in the days preceding it. Sound familiar?
For now the only thing left to do is wait and see how it plays out as it could also be argued by bulls that we're at ~April 4th, 2018 instead!
Pattern will definitely resolve within 3 days, I don't expect it to take that long and I definitely expect it to be a noticeable breakout event.
Long term trend still bullish, short term trend bearish but unknown if this is the end of the trend or the reversal point
Good luck, happy trading and as always SET YA DAMN STOP LOSSES (but not too tightly or you might lose out)
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Redrawn triangle with comparison on the daily from 2017-2018
