Longs about to get rekt
Updated
Longs in ascending channel and about to hit resistance
Note
Longs broke to the upside of the channel in a last ditch effort by the bulls, however they are now met with heavy resistance. RSI is about to become oversold, and there is no momentum as per the MACD. The bulls resistance is futile.. Note
Comment: Looking at things from a slightly different perspective the pattern may play out a bit more like this; though regardless we inevitably go deep into the support zone before our exit to the upside of the falling wedge:The longers wanna get rekt extra bad. I still do not understand how/why people go long like this:
Shorts are patiently waiting - Longs have already gone oversold.
People may say - well a breakout on the longs chart above the patterns resistance equals go long!! So I must say, I do not agree. You see patterns on the longs or shorts charts don't play out to the same degree as normal charts. The main thing you need to take away is that there is no volume indicator. Volume is what indicates a confirmed breakout on BTC vs charts. Therefore there has been no confirmed breakout; and this is what makes a HUGE difference.
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