BTC UPDATE (we broke upward as predicted in previous post)
As predicted in my previous post (see "related ideas" link below), Bitcoin was setting up for a major bounce from the 19K area and any wicks under 19k should be seen as major buying opportunities. Now, we have a clear break out from an obvious falling wedge after a clear breakdown from an obvious rising wedge that hit its target perfectly. The 21.8 and 24K areas are the first obstacles BTC faces and the first obvious areas of major resistance, where we COULD see the trend reverse again and continue downward. However, there are various things in play that point to this going potentially up to the 28-30K area, and those are:
1. The CME gap in that area.
2. The bigger/higher-time-frame falling wedge playing out that seems to point to BTC bottoming out next year somewhere in the 12K area but potentially even lower. The next upper touch point in that wedge would be around 28.2K.
3. The 200-day MA and EMA coming down toward that 28.2K point and how well those moving averages have been influencing trend for many years.
Two "X factors" are Ethereum's upcoming merge and the upcoming Fed meeting: both slated for later next week. Those could wreak havoc on price and bring major surprises for either direction. If you're not already in a long from the 19K area, do not chase this as it's Bitcoin and you will get stopped out. If you're in a long from the 19K area, then I'd definitely take profit before the Fed meeting next week - maybe not ALL profit but a good percentage. And... if we are already at around 28 or 29K before the merge and the Fed meeting, it has to be seen as a potentially very good shorting opportunity.
1. The CME gap in that area.
2. The bigger/higher-time-frame falling wedge playing out that seems to point to BTC bottoming out next year somewhere in the 12K area but potentially even lower. The next upper touch point in that wedge would be around 28.2K.
3. The 200-day MA and EMA coming down toward that 28.2K point and how well those moving averages have been influencing trend for many years.
Two "X factors" are Ethereum's upcoming merge and the upcoming Fed meeting: both slated for later next week. Those could wreak havoc on price and bring major surprises for either direction. If you're not already in a long from the 19K area, do not chase this as it's Bitcoin and you will get stopped out. If you're in a long from the 19K area, then I'd definitely take profit before the Fed meeting next week - maybe not ALL profit but a good percentage. And... if we are already at around 28 or 29K before the merge and the Fed meeting, it has to be seen as a potentially very good shorting opportunity.
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