THEORY: Is Bitcoin in a 5 year long wedge?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
171 0
If you forget about technical analysis and look at bitcoin from just a human psychology point of view. The vast majority of people looking to making a profit from bitcoin are always going to sell before the spot price reaches the all time high. Likewise, when the price of bitcoin falls they will assume to buy slightly above the all time low to maximise their chances of buying near the bottom.

For this reason, I personally think that BTC will not remain bullish and will enter a shorter bear market in the coming week/months. I believe that we will retest the 6K region where most will be prepared to refill their bags.

The current price actions depicts that there is a lot of fear in the market, if the 10K support is broken again we are going downnnnn.

Just my observation, let me know what you think :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out