Bitcoin - This Next Move Will Reveal A Lot!
Bullish Formation
Looking to the charts, one can see that a traditionally bullish formation is in play in the form of an ascending triangle. These formations statistically break to the upside 70% of the time, essentially making them bullish reversal patterns. This pattern is busy playing out on the 4-hourly chart and should have an answer for us fairly shortly. Currently, there appears to be some weakness, which could see BTC breakdown. However, “fakeouts” are also a possibility in any formation. As I have mentioned a few times, Bitcoin could actually reach as high as $38K and the bearish scenario would still be in play. This could provide the market some temporary relief, as a breakdown from $38K is extremely likely at this stage.
Image Source – FTX.com
A breakout might also be short-lived and brought to an abrupt halt at $34k. We need to watch this level very carefully because there is a further underlying message being delivered.
What If The Pattern Fails?
This would be more of a warning than many are perhaps aware of. In a bullish market, bearish patterns are often negated. They often form but ultimately fail. The same applies to bear markets. If a bullish pattern fails it is often because the long-term underlying trend is dominating price action. This would ultimately provide further support that Bitcoin is in fact in a bear market, as opposed to a bearish trend. Obviously, either move would require confirmation.
Final Thoughts
This is a very important moment and so I have simply posted a very quick update to let you know that this next move is rather important in deciding a longer-term direction. Please exercise caution and do your own research!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
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5 years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
I definitely feel a bull run coming! Anything under 30k and I hop back on it, as I think it will at least hit $100k before "deflating" (Yet again, lmfao! Haters gonna hate! ;P) and dropping anything majorly significant. All these fluctuations seen from day to day are a volatility-pro's best friend! :D
I am only bullish above $40K. As the long-term falling wedge and 200 day proceed to drop that mark will drop in a relative manner. However, I expect lower lows with some tradeable bounces. I am waiting for the ice...
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