This isn't likely going to be a popular topic because there's so much bullish news, momentum, and hopium right now for Bitcoin .
But as we know, that's generally when the biggest surprises happen.
This is a weekly chart of Bitcoin , showing a troubling pattern in the past when trying to recover from a correction, which is where we are now.
The pattern suggests we may have seen the cycle top (which I don't want to believe either but we have to remain objective), and that we could still be setting up for a massive Bull Trap here, and are about to roll over to the downside as in this chart.
It would potentially give us another great buying opportunity for Bitcoin and other alts, with Bitcoin likely re-testing it's 200 week EMA .
We would finally see true market capitulations, which I don't feel we've fully experienced yet...
So I recommend being cautious, and not fully invested in these markets hoping for a breakout.
The battle is being waged here just below $50,000 BTC as can be seen best on the 1 Hour chart.
If we break down below the lower trendline of the wedge , we're likely heading much lower.
We'll see what happens...
But as we know, that's generally when the biggest surprises happen.
This is a weekly chart of Bitcoin , showing a troubling pattern in the past when trying to recover from a correction, which is where we are now.
The pattern suggests we may have seen the cycle top (which I don't want to believe either but we have to remain objective), and that we could still be setting up for a massive Bull Trap here, and are about to roll over to the downside as in this chart.
It would potentially give us another great buying opportunity for Bitcoin and other alts, with Bitcoin likely re-testing it's 200 week EMA .
We would finally see true market capitulations, which I don't feel we've fully experienced yet...
So I recommend being cautious, and not fully invested in these markets hoping for a breakout.
The battle is being waged here just below $50,000 BTC as can be seen best on the 1 Hour chart.
If we break down below the lower trendline of the wedge , we're likely heading much lower.
We'll see what happens...
23-year investor, trader, and early investor in Bitcoin & crypto.
For more information visit:
Moonstream Crypto: www.Moonstream.io/M3
Custom Indicators: www.CryptoMastery.org
Blood in the Streets Report:
www.moonstream.io/report
For more information visit:
Moonstream Crypto: www.Moonstream.io/M3
Custom Indicators: www.CryptoMastery.org
Blood in the Streets Report:
www.moonstream.io/report
