I’m currently not taking any positions in the market and waiting patiently how this plays out.
You can look at it in different ways, it can be a rising wedge which is bearish, it can be a ascending triangle which can be a continuation pattern in a downtrend or it can be a reversal pattern to the upside.
Yesterday and today we have a inside bar, volume is dropping. Today or tomorrow I think we will see a huge explosion with a lot of volume and than you better are on the right side :-)
By the way, btc and most of all the altcoins have the same setup!
looking at your charts... this is another one where I find the analysis perfect... but see it as just another example that in crypto, these patterns fail waaaay too often...
basically, a completely failed rising wedge, although textbook bearish bias...
this is kinda why I stopped short term trading
only thing I do is buy during complete panic - like the one we got in March... that usually works :)
basically, a completely failed rising wedge, although textbook bearish bias...
this is kinda why I stopped short term trading
only thing I do is buy during complete panic - like the one we got in March... that usually works :)