After having faked to the upside of the wedge again, then having capitulated to pierce fakeout through the low of the wedge again, BTC just closed a dragonfly doji (bullish) followed by a smaller gravestone doji (bearish). The long wicks show buying pressure then selling pressure absorbing momentum and returning price to the wedge median.
I had thought a bounce was coming but after a second capitulation I slightly favour the bearish case now that there will be a further capitulation to the downside. Partly because these long wicked bearish candle appear to be happening in sequence to maintain the wedge, but BTC is a box of tricks so we'll see.
I'm slightly downside biased now also due to stock indexes plunging below their 200DMAs into a technical bear market. For as long as stocks remain under I have no interest in any asset in any market.
A big bounce is coming I think, as I suggested, however there could be a big selling climax before that happens which may take price down to mid or even low 20s in one move as suggested in previous idea.
Or on a stock index recovery it could finally break this wedge to the upside and the bounce arrive in this area. I'll be watching and if both happen and BTC can get some distance from the wedge with some impulse then it could be a reasonable long, but really this is a dangerous chart in this area and I may only buy if there is a real oversold smash down.
So not an enormously decisive thread - maybe i should get my marcpmarkets 60 40 arrows out.
But as undecisive as this may be and fill the odd troll heart with glee, I'm really just waiting for 10K - oops I meant 20K when all the cocky dumb onchain S2F hodl plankton will be gone 😄.
Some of them have already disbanded their hodler identities to become bond and equities experts. You really couldn't make it up 😅.
See you at 20K
Not advice.
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Next fib ring coming up start of February so could be some action and possibly a reversal in that area.
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Now at the upper trendline again. Will it break up this time or collapse back down...