Hello everyone.
Some new crypto analysis here.
So bitcoin seems pretty jammed in wedge here. Or a triangle like other analysts like to put it.
I don't use triangles in my analysis but I see pretty much the same thing with the tools I have.
Anyhow, here's what I see. The bollinger band middle line perfectly tested the strong uptrend median line. Which IMHO means the trend is still strong. Now i've extended the bollinger bands middle line to what I think is going to happen. For this to happen price should fall some more. Or stay here for a while.
Now after the 6000 bottom in february I drew a new pitchfork and the PA reacted perfectly to these new levels.
As you can see price first tested the median line spot on. Then it retraced a bit and went on for another push towards it but failed this time. When PA fails to reach the median line it ussually means it will retrace more than the previous retracement. That's exactly what happened this time. As a nice bonus the bollinger bands also reacts nicely to these new levels.
So for now I have a 1/3 position @9k. I'll add more if price backs down to around 8k
Disclaimer: This is not investment advice. I'm just a guy drawing lines on charts and sharing my opinion on them. Trading in financial markets involves considerable risk. If you've never done this consider trading a paper account first. Learn to control risk trough managing your capital. Never invest any money you can't afford to lose. Before executing any action in the market do your on due dilingence and never follow anyone blindly.
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