Bitcoin's Tiny Breakout!
Princess Gwen here, talking about the magical fairy land of Crypto. All the residents of Crypto-land have been asleep for what feels like a hundred years, but Bitcoin has finally edged out of the Triangle of Doom.
It may not look like much now, but this was a breakout. The curse of the descending triangle has finally been broken, and now Bitcoin is free!
However, I want to caution that this breakout is probably going to be pretty weak. I've seen too many graphs with people saying that Bitcoin is going to go, instantly and impossibly to $30,000. It isn't going to happen. I find it more likely that any move upward is going to be slow and laborious, and will probably backslide a lot. For anyone who wants a comparison, look at the S&P or the Nasdaq in 2009. Did it break out? Yes! Was it dramatic? Not really.
Bitcoin is still coming off a long bear market, and everyone in the market is easily spooked. So every bull push is going to be met with scared sellers. So I'm optimistic, but cautiously optimistic. Baby steps.
It may not look like much now, but this was a breakout. The curse of the descending triangle has finally been broken, and now Bitcoin is free!
However, I want to caution that this breakout is probably going to be pretty weak. I've seen too many graphs with people saying that Bitcoin is going to go, instantly and impossibly to $30,000. It isn't going to happen. I find it more likely that any move upward is going to be slow and laborious, and will probably backslide a lot. For anyone who wants a comparison, look at the S&P or the Nasdaq in 2009. Did it break out? Yes! Was it dramatic? Not really.
Bitcoin is still coming off a long bear market, and everyone in the market is easily spooked. So every bull push is going to be met with scared sellers. So I'm optimistic, but cautiously optimistic. Baby steps.
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