BTC/USDT, Just Some Thoughts on a Possible Future Direction
Just some personal thoughts, no real absolute conviction. Watching carefully day by day. Read on...
The bears and bulls are definitely fighting right now. Some really want to see this thing tank so they can pick up coins cheap, others already have their positions in place and want to see a rally. Regardless of who wins, after looking at the charts I thought about the possibility of what could form. We are currently still in an ascending wedge (just barely) slowly climbing to the 4500-4700 resistance area. In all likelihood we could see a breakout down once we get closer to this area. This would make some sort of a relative "triple top" pattern from the previous two highs of ~4700, which could put heavy bear pressure on the market especially leading up to the hardforks in November. There should be strong support at 4k, so I'd expect a bounce, but if it kept sinking, it could touch the overall trend line around 3500-3600. I personally don't see us going much lower than that. To be honest, on these last few major corrections so many people called for way lower benchmarks than what actually happened. I'm expecting more or less the same unless the world ends.
The bears and bulls are definitely fighting right now. Some really want to see this thing tank so they can pick up coins cheap, others already have their positions in place and want to see a rally. Regardless of who wins, after looking at the charts I thought about the possibility of what could form. We are currently still in an ascending wedge (just barely) slowly climbing to the 4500-4700 resistance area. In all likelihood we could see a breakout down once we get closer to this area. This would make some sort of a relative "triple top" pattern from the previous two highs of ~4700, which could put heavy bear pressure on the market especially leading up to the hardforks in November. There should be strong support at 4k, so I'd expect a bounce, but if it kept sinking, it could touch the overall trend line around 3500-3600. I personally don't see us going much lower than that. To be honest, on these last few major corrections so many people called for way lower benchmarks than what actually happened. I'm expecting more or less the same unless the world ends.
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