I have already posted a novel today, but I noticed a thing right now before I end my day.
I am posting from my phone so I hope the chart won't be messed up.
I am no TA expert, (if you check my previous posts I am more into psychology) sooo please correct me if I am wrong but... Is this a nasty big rising wedge?
I'll just cut together a little description here from an educational site, for education (of myself) ;)
Regardless of the type (reversal or continuation), rising wedges are bearish.
It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be higher than the previous high.
At least two reaction lows are required to form the lower support line. Each reaction low should be higher than the previous low.
The upper resistance line and lower support line converge as the pattern matures. The advances from the reaction lows (lower support line) become shorter and shorter, which makes the rallies unconvincing. This creates an upper resistance line that fails to keep pace with the slope of the lower support line and indicates a supply overhang as prices increase.
Support Break: Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion.
Volume: Ideally, volume will decline as prices rise and the wedge evolves. An expansion of volume on the support line break can be taken as bearish confirmation.
Next time no TA-ist wanabe. Just brainstorm :)
Hugs to you all.
Get the money from the sneaky big fishes.
Lavyaman!
I am posting from my phone so I hope the chart won't be messed up.
I am no TA expert, (if you check my previous posts I am more into psychology) sooo please correct me if I am wrong but... Is this a nasty big rising wedge?
I'll just cut together a little description here from an educational site, for education (of myself) ;)
Regardless of the type (reversal or continuation), rising wedges are bearish.
It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be higher than the previous high.
At least two reaction lows are required to form the lower support line. Each reaction low should be higher than the previous low.
The upper resistance line and lower support line converge as the pattern matures. The advances from the reaction lows (lower support line) become shorter and shorter, which makes the rallies unconvincing. This creates an upper resistance line that fails to keep pace with the slope of the lower support line and indicates a supply overhang as prices increase.
Support Break: Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion.
Volume: Ideally, volume will decline as prices rise and the wedge evolves. An expansion of volume on the support line break can be taken as bearish confirmation.
Next time no TA-ist wanabe. Just brainstorm :)
Hugs to you all.
Get the money from the sneaky big fishes.
Lavyaman!
I wanted to update because why not.
Nothing changed in my views that I described in my previous analyses.
What I want to add now is that (besides many technicals which point down, which you can read about in much more experienced people's posts) the only reason I see now for price to go up further is if people with big money still want it to go up.
When bitcoin went up to 20k there were many things that supported an enthusiastic and then euphoric rally. Bitcoin was everywhere, in the media, on the internet, in ads, even in tv-series. Everyone who knew what it is talked about it, and everyone who had no idea about what it is also talked about it. There were the famous icos as well, invest in this one or that one, support this great idea, read the white paper its worth it. There are some which went up 15000% in a day, are you nuts, you want to miss this? Even children were chatting with their grandmas and grandpas about bitcoin. Even blackmail-bots demanded bitcoin. I ate yoghurt and cereals with the flavour of bitcoin.
This rally, theres nothing of that kind behind it.
The OnLy thing that makes price go up, and the OnLy thing that makes people convinced about price going up, is that price goes up.
I dont really believe that price can go up very much further based on these fundaments. I cant imagine this to climb at this rate just because it climbs at this rate.
Can it go up further? Sure, as said, people with money can make it go up, and then people with little money invest because price went up.
But what happens if bitcoin was banged enough, and the ones banging are satisfied, and price does not go up any longer? Then it certainly wont make price go up further, does it now?
It will fall, then.
*** DISCLAMommygodnotagain. No advice blahblah. You know.
BUT! Conclusion: In one of my previous posts I wrote that I will be more exact about my thoughts, risking being eaten and s***ted out by trolls, damnation and eternal pain. If I imagine myself as a big meathead megalomaniac somebody with disgustingly big money which is still not enough for me, then I would be very satisfied with my glorious pumps (for now), and I would leave the bed to get a shower, leaving the poor b*tch(coin) lying there.
Whohoo I invented a new expression here out of thin air for the poor bitcoin which is being pumped so hard :) I give myself a tap-tap on the shoulder :) (dont tell me it already exists, just dont)
Oh-oh, from now on its copyrighted ;)
I hope you catch big fishes today, and eat them. They are nutritious.
Please leave a thumbs up if you enjoyed this post more than a slap in the face. I swipe down a happy tear for every thumbups :,)
Hugs to you.
Lavyaman!