The Big Squeeze

April 15, 2020 9:39 pm Published by Leave your thoughts

With all that has been going on, markets are uncertain. The FED is pumping the price of the US markets (as China also did a a couple months back), and with this said, traditional markets as well as the crypto markets seem to be in a dead cat bounce as we have previously discussed here. Many charts are showing rising wedges.


As far as BTC goes, so far it has been forming a massive descending wedge. The top of the formation has been impenetrable to this day. As such I was suspecting that when BTC hit the fib ring, we would plunge through the fib ring causing a chain reaction crashing through the next fib ring, down to the bottom of the formation.


Instead, the fib ring is acting as support. BTC seems to want to ride up the fib until it has no choice but to decide what way to go.



Keep in mind this could go either way, but based on the descending wedge formation and the fundamentals with all world markets, I am still leaning short. The Bitcoin price could also fail through the fib ring at any moment if enough pressure builds. Watch closely and trade safely.

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This post was written by BlockAdvisor

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