I know it’s a little messy, but this one isn’t a trade setup so don’t mind it.
A fellow trader asked for a long-term chart on Bitcoin , and I thought: Why not? Let’s get technical.
Let’s do a recap on what happened:
When Bitcoin was about to do a breakout, the started to squeeze and then made a neat Formation:
Which led to this price range we’ve stuck around for the past few weeks. But as you can see, this price action is getting calmer every day and is easing into a small range. The are squeezing again while the market is still busy. What does that show? One thing that it does show is that it’s a consolidation. But this consolidation is happening inside a Formation.
Remember how the can affect the market?:
My point is that it can go either way. But if this price keeps on pushing down the , a crash is more likely to happen.
Let alone the fact that the price is still under the in the red zone and the indicators are showing weakness!
But that’s just me. What I want to know are your ideas.
What do you think?
What can happen this year?
Are we going to experience the 19K channel? Or that’s it and we’re going up soon?
Describe your ideas. Like and Share!
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