BTCUSD - The FOMO is so thick, a chainsaw is required to cut it.Stepping back a bit from Elliott Wave Analysis (yeah, I do that too, but there are so many other voices...), the Fear Of Missing Out (FOMO) radiates all over the BTCUSD charts. What my experience has been, is that the FOMO does not lead to sustainable breakouts. Key word: Sustainable.
It is most obvious on the Kraken data feed. It actually traded at an ATH, for a while, a few days back.
On the other charts from other exchanges, we can see this too. Depending which dots or data points are connected, all of the charts can display a rising wedge, a Bearish pattern leading to a breakdown. Should this happen, it may act to calm the BTC enthusiasm enough to establish a Sustainable bullish pattern that eventually leads to sustainable new highs, a the kick-off of Elliott Wave V for BTC.
A rising wedge is the perfect chainsaw therapy to cut through the FOMO and develop a sustain base from which a long run set of higher highs can be established.
