I'm touching base on BTC based recent developments and thought id share my idea...
On the 1h timeframe as shown BTC was forming an since its last high on April 23rd at 7.7k- I personally took this trade at 7550 after several wick rejections towards the lower end were getting higher- this is risky as there wasn't a breakout yet but I like to play on the edge sometimes! the triangle broke out this morning (depending on where you live may be night!) ...we still need an excel in to allow a successful upside move- if it does 7876 is the official breakout target if we followed a typical (I just think nothing in this market is typical so we may break higher).
Yes this may all be a trap and with low this breakout could be fake and we could head straight down before day end however the last few days the price has steadily been accumulating and I think it'll be stupid to fall without another squeeze. interestingly on the 4H BTC has been in a huge which upper band lies at the 8/8.1k region, ETH is also in a with clear divergence- the upper band lies for this at around 200/205.
I will be monitoring the very carefully, its not certain but certainly worth watching- for me it seems in the short term we should be able to fulfil the 8k BTC and 200 ETH at which point we shall watch for price action and re assess.
Personally I hate people crying bull and bear when price moves up and down- long term we are still in a huge downtrend, price will move up and down its the nature of the market. We just have to play our cards right to catch moves and ultimately manage our capital.
Hope this helps and feel free to get in touch! PEACEEE
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The ascending triangle- we saw a fake breakout below only for price to project higher over the 7.7k- clear stop hunt.
the bearish wedge is still in play with boundary at the 8-8.1k for BTC and looking at alt movements in ADA/XLM/XRP I reckon we may hit the 8k before a fall.
The fascinating thing is how price is alternating between alts- all have had different levels of increase but right now if you look at the 4h on ADA and XLM on USD pairs there is bearish divergence on both, ETH bearish div didn't really play out yet but its still in a bearish wedge and interestingly 90% are long in ETH- surely that's calling for a sharp down move!?
I can't say whats going to happen- we have to wait for BTC, I don't even think its an ascending triangle anymore as price is failing to rocket, its holding a steady uptrend line BUT WHEN AND IF broken this could be a sharp drop considering the position alts are in....I would stay of a trade if you aren't in one yet!