BTC wound up tighter than a $5 watch. But is it going up/down?
BTC has been in a wedge for over a week and its range is narrowing each day. It is wound tighter than a $5 watch. If you look at the Bollinger Bands Width you will see when it gets to 0.07 or lower, there usually follows a violent price swing. But we can't tell which direction it is headed. I'd like to see it retrace back to 9.5k so I can buy more, but hoping for it doesn't make it so.
We will have to wait for it to break out of the wedge to determine the direction it is headed. It should happen in a couple of days because it seldom waits until the point of the wedge (July 14) before breaking out.
Once out of the wedge, we need to make sure it doesn't fall back into the wedge because that would indicate a false breakout.
You may have noticed many YT crypto pundits are calling for 15k BTC this week, and they claim it is a sure thing. That to me means the exact opposite. It's going down. Why? If these youtube talking heads knew how to forecast cryptos, they wouldn't be on youtube. They'd be on a beach in the Bahamas admiring their yacht instead of relying on youtube ads to support their income while living in their parent's basement. Seriously though, the price could go either way and we need to be prepared for either direction.
It should not be too long now! Flip a coin to see which direction it is going.
We will have to wait for it to break out of the wedge to determine the direction it is headed. It should happen in a couple of days because it seldom waits until the point of the wedge (July 14) before breaking out.
Once out of the wedge, we need to make sure it doesn't fall back into the wedge because that would indicate a false breakout.
You may have noticed many YT crypto pundits are calling for 15k BTC this week, and they claim it is a sure thing. That to me means the exact opposite. It's going down. Why? If these youtube talking heads knew how to forecast cryptos, they wouldn't be on youtube. They'd be on a beach in the Bahamas admiring their yacht instead of relying on youtube ads to support their income while living in their parent's basement. Seriously though, the price could go either way and we need to be prepared for either direction.
It should not be too long now! Flip a coin to see which direction it is going.
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