Hello friends ! Today I’ll continue using VPVR to show how we could see a small relief rally here for Bitcoin. As you can see we fell out of the months long trend line and rising wedge that I have been tracking for some time. I did decide to sell all my Bitcoin at $57500, when we retested the top of the rising wedge... but didn’t think we would actually fall to the price target , so I bought back (all) in at $46k . How foolish of me. Looking at this chart now it seems obvious that the correction was coming (Elon or no Elon ).
A lesson learned the hard way. Alas, we met the technical price target of the rising wedge almost exactly ... but what now ?
Using these same VPVR levels I believe we see a bounce here , formation of a W pattern , and retest of the VPVR resistance around 46500-48000. This would also be a retest of the 21 EMA (bull market support) that we broke below on the plunge . I expect the W to start forming now with the double bottom between 34500 and 35850, also in line with VPVR accumulation on the daily time frame. I’ve been in a long since 33400, and close below 34000 will make me away from this trade. Taking profits around 45000.
Never leverage more than 5% of your portfolio .
Always take profits before the price target .
Stay safe and come back to fight again .
A lesson learned the hard way. Alas, we met the technical price target of the rising wedge almost exactly ... but what now ?
Using these same VPVR levels I believe we see a bounce here , formation of a W pattern , and retest of the VPVR resistance around 46500-48000. This would also be a retest of the 21 EMA (bull market support) that we broke below on the plunge . I expect the W to start forming now with the double bottom between 34500 and 35850, also in line with VPVR accumulation on the daily time frame. I’ve been in a long since 33400, and close below 34000 will make me away from this trade. Taking profits around 45000.
Never leverage more than 5% of your portfolio .
Always take profits before the price target .
Stay safe and come back to fight again .
