See below for a close up of all the scrunched up wedges near the apex of the big wedge.
How I see this:
Need to close around 7900 on the daily for the bear trend to be broken. The majority have been bearish, shorts have been at an all time high, I imagine many of them just got liquidated. Now the top traders on twitter are calling the bear market dead - prematurely IMO. We need to CLOSE the day above the trend line before that's set in stone for me, as we have broken the trend line only temporarily before. To me, the fact that these top traders with hundreds of thousands of followers are so prematurely bullish, is a bearish indicator. Perhaps we need one more shakeout. There has been lots of talk about how bitcoin is deciding here at the apex of the wedge how it will act for all of 2018. So one more bear trap, which would make this morning's rally look like a bull trap, would make sense. However, I am not taking a position, as there are no clear trades to make right here for me yet.
The blue line represents the weekly support.
How I see this:
Need to close around 7900 on the daily for the bear trend to be broken. The majority have been bearish, shorts have been at an all time high, I imagine many of them just got liquidated. Now the top traders on twitter are calling the bear market dead - prematurely IMO. We need to CLOSE the day above the trend line before that's set in stone for me, as we have broken the trend line only temporarily before. To me, the fact that these top traders with hundreds of thousands of followers are so prematurely bullish, is a bearish indicator. Perhaps we need one more shakeout. There has been lots of talk about how bitcoin is deciding here at the apex of the wedge how it will act for all of 2018. So one more bear trap, which would make this morning's rally look like a bull trap, would make sense. However, I am not taking a position, as there are no clear trades to make right here for me yet.
The blue line represents the weekly support.
Comment:
Comment:
4 hr ^
Comment:
4 hr MACD has been helpful as well
4 hr MACD has been helpful as well