Tracking the BTC Bear - Into the wedge...
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Last few published ideas have looked at this potential wedge pattern we are trading into now: 
On the 4 hour we see MACD crossing down, relatively average volume and RSI, and not much news or momentum to propel it past that yellow long term down trend line that everyone has been watching.
We've been rejected off that line a couple of times now, without being able to convincingly close beyond it, and everything at the moment still indicates we're trending down until we reach the point where this wedge ends and the longterm downtrend line intersects with the latest uptrend line which you can see on the chart link above.
Looks like it will be a couple more days before we see what will happen. An interesting read, by the way, bloomberg.com/view/articles/2018-02-28/bitcoin-cryptocurrency-derivatives-have-slow-uneventful-launch
"The floor is available and the band is playing, but no one is asking anyone else to dance." (Quote from the article above)
Certainly feels that way in the market right now. Tentative.
Thoughts? Are we going to head up or down on the next 4 hour candle? Will we break out before we reach the end of this wedge?
On the 4 hour we see MACD crossing down, relatively average volume and RSI, and not much news or momentum to propel it past that yellow long term down trend line that everyone has been watching.
We've been rejected off that line a couple of times now, without being able to convincingly close beyond it, and everything at the moment still indicates we're trending down until we reach the point where this wedge ends and the longterm downtrend line intersects with the latest uptrend line which you can see on the chart link above.
Looks like it will be a couple more days before we see what will happen. An interesting read, by the way, bloomberg.com/view/articles/2018-02-28/bitcoin-cryptocurrency-derivatives-have-slow-uneventful-launch
"The floor is available and the band is playing, but no one is asking anyone else to dance." (Quote from the article above)
Certainly feels that way in the market right now. Tentative.
Thoughts? Are we going to head up or down on the next 4 hour candle? Will we break out before we reach the end of this wedge?
Nota
Another relevant recent news article: wsj.com/articles/sec-launches-cryptocurrency-probe-1519856266
Starting to be reposted and discussed a little more, many see this as positive, as the ICO space is full of vaporware and scams, not sure if this will have a big effect on current market sentiment.
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