Bitcoin Price Action TA, am I the only one who sees this Wedge?
It is too early to call this confirmed but to me it looks like we have been staying in this wedge and if this is confirmed, it could be Bullish.
I know everyone is calling for bears right now, and god knows there are plenty of signs to support their theory on the TA and with all of the FUD news articles coming out. However, there is also plenty of good news stories out there as well, here is just a few:
- https://www.coindesk.com/south-korea-may-lift-ico-ban/
- https://www.ccn.com/china-will-move-slowly-to-regulate-crypto-central-bank-governor-says/
- https://hacked.com/coinbase-expands-to-u-k-with-broader-european-penetration-eyed/
While everyone sees bear signals I am seeing this wedge, 2 days ago I posted this wedge (https://steemit.com/bitcoin/@embomb701/3-charts-to-ponder) and since then we have bounced off of the top of it and almost just touched the bottom too. If we bounce off the top and bottom again I would venture to say wedge confirmed. Take a look:
I would love to hear everyone's thoughts on this.
I am not a financial advisor and this is not financial advise, invest at your own risk.
Join Earn to Earn free Bitcoin easily
earn.com/embomb701/referral/?a=rw4dialt6myd9f8v
I am with you man. I think it is often people who are not looking at any technical analysis who think the sky is falling because they have no idea where the floor is. Either that or traders with a a nice low limit order they are rooting for like a horse in a race.
These conversations have happened in EVERY correction I have been a part of and are quickly forgotten when the real bull run starts.
Either way I am with you and have bought in as this is as close to the bottom as I need it to be and will not miss out on the run up for a couple more percentage points.
Hopefully it is a nice gradual and modest run with more people having experience and harnessing the FOMO.
Yesterday I was thinking of Selling when it hit 9300 only to re buy when it got close to the bottom of my wedge line, but I lost my nerve (full disclosure). I would actually love to see it run up crazy, but if it decided to walk a bit this time, I am fine with that too.
I'm still so confused about this going up and down. You just never know what will happen lol hoping for the best!
Most of the down side action as of late was due to the Mt. Gox Trusty selling 400 million in Bitcoin. Aside from that, all of the FUD news articles, for example today Google decided to ban Crypto ads. When people see big sells and ready bad news they panic and sell, but the support lines that I added to the chart represent my predictions on how far people will let it fall before they want to buy in and on the other side, what price people will be looking to dump their holds at in short term. It is my thoughts that as this wedge closed up it will break up, or break down... I am hoping for the latter. There is still a lot of people who would love to buy Bitcoin, but want it at the discounted price.
Here is the link to Mt. Gox:
https://www.trustnodes.com/2018/03/07/mt-gox-trustee-sold-half-billion-dollars-worth-bitcoin-bitcoin-cash
There Isaac videos that explain TA but while it is a good indicator obviously it is not perfect, it is still a gamble, just an educated gamble. If you have any questions or there is anything I can do to help you with it, let me know Ms. Lovable Soul. ;)
woooow 400 million I didn't even know that! Yea your explanation says a lot..
That's sooo nice !! Thank you a lot :) I'll probably come back to it ;)
I am 98% Certain it will come back, however keep in mind that if it follows my wedge, we still must drop to about $7,300 before we bounce up again, however with some more FUD in the market that can easily become $6,800 before we bounce. Another thing to consider is that if we get below the RSI lines (Circulated on the chart, all of the Savy investors will be looking to buy. The idea being that this bull run will bring BTC up high enough where it will interest the masses again. But those of us who are buying at the bottom will make the most money.
I see. So right now I've 96 $ Steem Dollar. Should I just power up or should I buy some BTC? It would make sense to buy BTC right now while it is low right? I also think at some point it will go up again
And sorry for not getting back to you sooner, my daughter spilled water on my laptop last night.
oh noooo I hope your laptop is still working! I hope your daughter is ok :))))
Everything is good, I took the battery out of it right away and unplugged it while it dried. She is fine, just a little water no biggie. :) thank you :)
Ok that's good to hear!! :)