Let's take a look at what's going on in recent days/weeks for Bitcoin.
From a technical perspective, we are seeing an Ascending Wedge pattern (which is a bear pattern ).
Ascending Wedges are formed when the price of an asset makes a slow recovery after a Big Drop . This is the case with Bitcoin . After the huge 75%+ drop from 10,600k where we marked our previous big resistance points and falling to a recent low of 3700-3800, BTC is making a slow recovery in the form of an ascending wedge pattern.
Secondly, the descending Trendline is acting as a very strong resistance. I made the comment to you guys two weeks ago while we were longing sub-4k as hard as we could, that we could range as high as 8,000 on the way back up. That is still possible, although I don't suggest loading now. Its much easier to short 8k here, then it is to long 7.5k. Keep that in mind.
The biggest question I'm asked repeatedly is will it drop again?
In short, yes I believe so.
Look, we all know it hurts to be waiting on a drop when you see the market turn bullish, especially for longer than several hours - days. Some grow impatient, and make poor decisions, and force trades.
Thats a fast way to lose your trade stack. Don't do it.
Anyways,
Once the recovery in the stocks ends (and it will), BTC will most likely head towards $4.4 -5k mark, for a retest of lows.
I expect us to see some volatility moving towards the halving, but don't expect monumental price action / increases in BTC until months after halving when its cooled down.
From a technical perspective, we are seeing an Ascending Wedge pattern (which is a bear pattern ).
Ascending Wedges are formed when the price of an asset makes a slow recovery after a Big Drop . This is the case with Bitcoin . After the huge 75%+ drop from 10,600k where we marked our previous big resistance points and falling to a recent low of 3700-3800, BTC is making a slow recovery in the form of an ascending wedge pattern.
Secondly, the descending Trendline is acting as a very strong resistance. I made the comment to you guys two weeks ago while we were longing sub-4k as hard as we could, that we could range as high as 8,000 on the way back up. That is still possible, although I don't suggest loading now. Its much easier to short 8k here, then it is to long 7.5k. Keep that in mind.
The biggest question I'm asked repeatedly is will it drop again?
In short, yes I believe so.
Look, we all know it hurts to be waiting on a drop when you see the market turn bullish, especially for longer than several hours - days. Some grow impatient, and make poor decisions, and force trades.
Thats a fast way to lose your trade stack. Don't do it.
Anyways,
Once the recovery in the stocks ends (and it will), BTC will most likely head towards $4.4 -5k mark, for a retest of lows.
I expect us to see some volatility moving towards the halving, but don't expect monumental price action / increases in BTC until months after halving when its cooled down.