Made adjustment to the upper trend line since my last post. Lowered it slightly ignoring part of a wick last June in the trend. The lower trend line got shortened as a result not really affecting the price levels just the length of time before the end of the wedge. It appears the wedge now goes to 1 month from now rather then till first week of July.
Zooming out as previously mentioned a break out of this upper trend line could result in rally to above previous 2017 all time highs. With a high likelihood that the upper trend line is temporary acting as support. It would not shock me at all if the next pull back is after crossing $20 000 then coming back to $9500-$10 000 sitting with upper trend line as support. That would be mentally devastating to those just watching the price. A side effect of TA seems to be some calm logical statistical thinking next to an emotionally charged beast that is Bitcoin. The swings are violent how many people saw this recent drop to support and not think price is going back to 3k etc. While my view since my last post has only seen a few minor changes. If I am wrong that's ok i'll reevaluate emotions will get you REKT though.
I'd like to see a trend reversal on stoch RSI.
Zooming out as previously mentioned a break out of this upper trend line could result in rally to above previous 2017 all time highs. With a high likelihood that the upper trend line is temporary acting as support. It would not shock me at all if the next pull back is after crossing $20 000 then coming back to $9500-$10 000 sitting with upper trend line as support. That would be mentally devastating to those just watching the price. A side effect of TA seems to be some calm logical statistical thinking next to an emotionally charged beast that is Bitcoin. The swings are violent how many people saw this recent drop to support and not think price is going back to 3k etc. While my view since my last post has only seen a few minor changes. If I am wrong that's ok i'll reevaluate emotions will get you REKT though.
I'd like to see a trend reversal on stoch RSI.
