First of all, I would like to state on the official record that I was bullish yesterday when everyone else was not. That being said, it seems as though my ideas from yesterday are panning out great and we are proceeding with the wedge pattern.
We broke out of the smaller wedge that was forming inside the larger wedge. We are what I now consider a short term decision point. The 1 hour stoch is capped and has been for some time. That leads me to believe that we might see some downwards action to around 8100 to bounce off of former resistance before liftoff to the next resistance in the large falling wedge.
The alternative to that option is that we keep rocketing up right to the large falling wedge resistance. If that is the case I will definitely be looking to open a small short at that resistance to allow indicators to cool off and to respect that resistance for a short time before ultimately breaking it and busting out of the large falling wedge.
In addition, 250 million USD worth of tether was printed today, so interpret that as you will. I'm taking it as bullish.
We broke out of the smaller wedge that was forming inside the larger wedge. We are what I now consider a short term decision point. The 1 hour stoch is capped and has been for some time. That leads me to believe that we might see some downwards action to around 8100 to bounce off of former resistance before liftoff to the next resistance in the large falling wedge.
The alternative to that option is that we keep rocketing up right to the large falling wedge resistance. If that is the case I will definitely be looking to open a small short at that resistance to allow indicators to cool off and to respect that resistance for a short time before ultimately breaking it and busting out of the large falling wedge.
In addition, 250 million USD worth of tether was printed today, so interpret that as you will. I'm taking it as bullish.