Bitcoins movement has been all over the place the last couple of days. The manipulation is clear. Pumping all night, consolidating throughout the day, and pumping all night again. No volume to really solidify the movement upwards.
This has led to the breakdown of the Rising Wedge pattern but since then it has now broken back into it. Here we are in the middle of the night with no volume and it's pumping back into a Bearish pattern. Also coming off of a H&S, yet another Bearish pattern.
BTC is fighting a longer-term trend. It has now been 80+ days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year.
Bitcoins Dominance has taken a huge hit since June 27th and has yet to find ground. It is plummeting right now as I type this, while BTC is pumping. It could potentially keep falling for another 7 days or so and even then what is it that we should expect? JPMorgan estimates Bear Market is in control until it breaks above 50.
More Alt Coins being created every week/month than you can count. Everyone who came in from the outside this year for Cryptocurrencies is still waiting for this moon shot. Influencers pushing pumps and dumping every chance they get. Crypto trading has become a trend. Greed Greed Greed. The strongest factor in corrections. Until the greedy are liquidated, BTC can't truly rise again. The question is... Who is more greedy? The Bulls or the Bears?
Listen, no one should ever say something can't happen and there will always be a first for everything, but at the end of the day, you just have to look at what is in front of you. The odds behind making history after 12 years are significant and I question anyone who is confident or excited to put their money in that battle at the moment.
~Good probability we see 28k by July 13th.
~A strong break above 37k invalidates this analysis.
This has led to the breakdown of the Rising Wedge pattern but since then it has now broken back into it. Here we are in the middle of the night with no volume and it's pumping back into a Bearish pattern. Also coming off of a H&S, yet another Bearish pattern.
BTC is fighting a longer-term trend. It has now been 80+ days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year.
Bitcoins Dominance has taken a huge hit since June 27th and has yet to find ground. It is plummeting right now as I type this, while BTC is pumping. It could potentially keep falling for another 7 days or so and even then what is it that we should expect? JPMorgan estimates Bear Market is in control until it breaks above 50.
More Alt Coins being created every week/month than you can count. Everyone who came in from the outside this year for Cryptocurrencies is still waiting for this moon shot. Influencers pushing pumps and dumping every chance they get. Crypto trading has become a trend. Greed Greed Greed. The strongest factor in corrections. Until the greedy are liquidated, BTC can't truly rise again. The question is... Who is more greedy? The Bulls or the Bears?
Listen, no one should ever say something can't happen and there will always be a first for everything, but at the end of the day, you just have to look at what is in front of you. The odds behind making history after 12 years are significant and I question anyone who is confident or excited to put their money in that battle at the moment.
~Good probability we see 28k by July 13th.
~A strong break above 37k invalidates this analysis.
Note
It looks like a gave this little movement too much credit. I initially never had BTC breaking back into the Rising Wedge and riding it back up to 36k until I saw the random price hike in the middle of the night. I had it bouncing off the top of the Descending Wedge and continuing down. In short, stick with your first perspective.Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.