Big movement coming up
I am just a investor not a pro trader so forgive my amateuristic setup. But then again in these times trend lines, RSI and volume are mostly what matters. Forget all those fancy berlinerbollinger200dayYMCA indicators.
My simple trend + macro analysis is that a big movement is coming up. because we are in a big falling wedge since november (big blue lines) and that resistance is nearing this week if we keep going sideways.
So i feel like we are either going to break out and see a bear market rally, or get rejected and have a big move down. Looking at the macro conditions and all the FTX contagion still to be discovered i think the first option is very unlikely. so altough u never know, we have no reason to break out bullish and therefore will reject and move down.
the falling wedge in combination with trend line 2 is creating a dead end that has until tuesday after christmas before having to break out. so i expect it to break down and retest that 16k level during the holidays. from there on it could go sideways again into the first days of 2023 before then really having a big leg down to the liquidity at the 12-14k zone. That's where i will be looking to buy for long term investments. with the coming recession it could even see 8-10k but i'm not a fan of trying to time the bottom. Buying right now at 17k while 12k is likely would be FOMOing. But i think buying at 12k while 8-10k is possible is simply 'not being greedy'.
Interesting next 2 weeks ahead it seems! get your orders ready to have some great long term investment entries. and don't forget to put them on your ledger as soon as they fill.
My simple trend + macro analysis is that a big movement is coming up. because we are in a big falling wedge since november (big blue lines) and that resistance is nearing this week if we keep going sideways.
So i feel like we are either going to break out and see a bear market rally, or get rejected and have a big move down. Looking at the macro conditions and all the FTX contagion still to be discovered i think the first option is very unlikely. so altough u never know, we have no reason to break out bullish and therefore will reject and move down.
the falling wedge in combination with trend line 2 is creating a dead end that has until tuesday after christmas before having to break out. so i expect it to break down and retest that 16k level during the holidays. from there on it could go sideways again into the first days of 2023 before then really having a big leg down to the liquidity at the 12-14k zone. That's where i will be looking to buy for long term investments. with the coming recession it could even see 8-10k but i'm not a fan of trying to time the bottom. Buying right now at 17k while 12k is likely would be FOMOing. But i think buying at 12k while 8-10k is possible is simply 'not being greedy'.
Interesting next 2 weeks ahead it seems! get your orders ready to have some great long term investment entries. and don't forget to put them on your ledger as soon as they fill.
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