samfanderson1597

Falling Wedge is Bullish (When it breaks out)

COINBASE:BTCUSD   Bitcoin
BTC has been in a clear descending wedge since November. Unfortunately, longing before breaking out is a high risk trade. Funding is negative and becoming more positive. Money flow is not increasing. BTC should most likely test 33k lows again. Being euphoric is pointless before breaking out of the wedge. We are below every significant moving average on Daily, 2D, 3D, and Weekly excusing the 200-week MA. The bull market support band sits up in the mid-50k's. 100k is not imminent at this point. Apologies. Full Disclosure: Currently Entering a Short Position.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.