For full disclosure purposes, I am long on BTC! Ok, people, I have said it, so now you know.
I am sure that most of you are watching the BTC price closely. For some, they found themselves on the outside looking in. I give no financial advice; I am not qualified. For those looking, wait till there is a retracement. We do, however, have a problem with this thesis. The BTC chart shows an ascending broadening wedge.
An ascending broadening wedge, according to excellenceassured.com, is as follows:
Price makes a low and rises. We then track price as it rises away from the low. We are looking for higher highs and higher lows in a tight range.
The ascending says just one thing - the price will continue in its current direction, up. There is also an area of institutional selling, which doubles as a weak high. I have said in an earlier post that I expect the BTC price to hit $38k. It did so by hitting $37999! One expects Bitcoin to achieve that price point. At the mo, BTC is just over $37k, and the Choppiness Index shows there is still enough market energy to move the market upwards. Perhaps when it hits that point, a retracement will occur. No one can tell.
Let me add this final point: energy on the weekly chart shows a decline. The Choppiness Index reads a value of just over 35. Market energy at this level might be just enough to ensure the $38k price point. As always, we are making educated guesses. Those late to the party pray for a retracement, and as to when it will arrive, your guess is as good as mine.
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