First, I wouldn't base a trade on a single pattern. Bitcoin has a tendency to validate triangles and pennants. This is a completely different market cycle than previous cycles. I wouldn't be all surprised if BTC just crushes through all major moving averages, scares the @#$% out of everybody then commences to double in two months. Who can keep up with this?!
If there is one thing I have learned in my trading journey so far is that BTC owes us nothing. The market is a game of liquidations. Its no wonder the sentiment is bearish. Having said that, its the highest performing asset over the last 10 years.
If BTC crushes through the averages, invalidates the golden cross, ruins the halving fundamentals then we have to consider this thing is basically still in a bear market, or consolidating at best. The volatility on bitcoin has been a steady and slow drop since around 2014. There will be a day when we say, "this used to have a 5% day on a regular basis." At that point, everything is probably dominated in satoshi.
My point, we are roughly, imo, a thousand dollars away from confirming that btc is still in a down trend despite the golden crosses, halving fundamentals, current perceptions of cycle phase.
10 year secular bear market? I hope not but take off the rose colored glasses. Break and sustain $10.5k and change our minds.
If there is one thing I have learned in my trading journey so far is that BTC owes us nothing. The market is a game of liquidations. Its no wonder the sentiment is bearish. Having said that, its the highest performing asset over the last 10 years.
If BTC crushes through the averages, invalidates the golden cross, ruins the halving fundamentals then we have to consider this thing is basically still in a bear market, or consolidating at best. The volatility on bitcoin has been a steady and slow drop since around 2014. There will be a day when we say, "this used to have a 5% day on a regular basis." At that point, everything is probably dominated in satoshi.
My point, we are roughly, imo, a thousand dollars away from confirming that btc is still in a down trend despite the golden crosses, halving fundamentals, current perceptions of cycle phase.
10 year secular bear market? I hope not but take off the rose colored glasses. Break and sustain $10.5k and change our minds.