As I've said before, we've been in descending wedge consolidation pattern for over a year now. Naturally, things are quite choppy and indecisive toward the end of this consolidation, but the important point is that all available info says we are close to a bullish breakout.
Some reasons why are posted on the chart. First of all, the descending wedge, which we are very close to the end of, is bullish. The 3 divers pattern, which is not explicitly shown here, is also bullish. The moons appear to be bullish as well, with the bottoms of the highlighted fractals occurring during a full moon and a possible shortening of the time frame to go along with the tightening range of the descending wedge, as shown by the numbering of the moons.
With that said, I can't leave out the possibility of a slow decline toward the end of the wedge that drags out for several more weeks, but it appears that there is far more upside than downside in the market right now, especially with the USD showing signs of topping out. Although more downside is possible, this may be a good time to accumulate a partial long position in anticipation of the breakout and save the rest for reactionary trades.
I'm optimistic for the future, so I'll be looking for a place to long in the relatively near future.
BTC Donations:
1QFuqhJGMbfubBzkSAm5KeYr3nRLA7HeHL
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Some reasons why are posted on the chart. First of all, the descending wedge, which we are very close to the end of, is bullish. The 3 divers pattern, which is not explicitly shown here, is also bullish. The moons appear to be bullish as well, with the bottoms of the highlighted fractals occurring during a full moon and a possible shortening of the time frame to go along with the tightening range of the descending wedge, as shown by the numbering of the moons.
With that said, I can't leave out the possibility of a slow decline toward the end of the wedge that drags out for several more weeks, but it appears that there is far more upside than downside in the market right now, especially with the USD showing signs of topping out. Although more downside is possible, this may be a good time to accumulate a partial long position in anticipation of the breakout and save the rest for reactionary trades.
I'm optimistic for the future, so I'll be looking for a place to long in the relatively near future.
BTC Donations:
1QFuqhJGMbfubBzkSAm5KeYr3nRLA7HeHL
Thanks!
