Descending wedges are better seen on lower time frames than daily. This wedge is in trouble though, as more often a reversal is expected 2/3rds to 3/4 of the way in. A reversal now would be quite late. I'm not optimistic for a reversal. In fact I'm never optimistic, as the markets are a law onto themselves.
But look on the weekly timeframe. Price is heading into the investor zone of the Guppies. This could create an expectation (not hope which I don't do), that the big boys could weigh in.
Banking establishments and old men in their ivory towers are worried and this looks like a concerted effort to shut this market down.
They can't stop crypto but they can send it back to the stone ages in terms of investment.
But surely when the whales do decide to show up, it must have some recovery
The big boys don't seem to like price in the Guppy zone. :)
Well we are back in my first support zone again after briefly bouncing off the top of 6000sats. should have set up a small buy in at that point but hey ho...Ill do that now.... the jury is still out for a trend change just yet and we may test again!!
Early days to start thinking about a reversal but things look better than they have for the last few weeks.
Picked up a divergence on the MACD and RSI on the 4hr after a small downtrend. Lets see if this plays out as hoped.
How are you playing this?? HODL or trading?
Loads of stuff on Tradingview where I discovered Guppy (aka GMMA). Additional stuff here (links posted, not sure it'll show up):
The bounce of 6000 is probably a relief rally. Price is now struggling around 8200 and pressure is for the downside.
You mentioned that you 'should' have set a long position around that level. This is hindsight bias. See CSW in this (link posted): http://www.newtrader.club/2018/01/26/is-volatility-your-friend/
Thanks for the links.... interesting reads
Nice. The big trend with this is for the south. In the last two days BTCUSD price has been struggling against the tide heading south. The greater probability is for the south. It could go north in the lesser probability. I play the probabilities and accept my losses. I still suffer with 'coulda, woulda, shoulda' on occasions - yuh know that gut feeling that makes one feel stupid. But I'm shrugging it off . :)