4 Hour Bear Trap
Updated
Bitcoin was in an ascending wedge and then broke down. It fell below long term rising channel. Within the last day BTC/USD has recovered, breaking back above the long term rising channel. If we can break back into the rising wedge then 14K+ is in the cards.
Currently we are in a parabolic move. A parabolic move doesn't continue to rise and rise, we stop and take a break to "consolidate" in a structure known as a 'base'.
A parabolic move most commonly has 4 bases. We are most likely consolidating at base 2 or 3.
One will never know exactly the direction of price but, we can make educated predictions based on a number of variables (divergences, candlestick patterns, etc.).
Describe the top of a parabolic move...
Although not impossible it is unlikely you will catch the top. Sell on your way up!
Currently we are in a parabolic move. A parabolic move doesn't continue to rise and rise, we stop and take a break to "consolidate" in a structure known as a 'base'.
A parabolic move most commonly has 4 bases. We are most likely consolidating at base 2 or 3.
One will never know exactly the direction of price but, we can make educated predictions based on a number of variables (divergences, candlestick patterns, etc.).
Describe the top of a parabolic move...
Although not impossible it is unlikely you will catch the top. Sell on your way up!
Note
*rising wedge
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