Bitcoin and the Biggest Picture
You can see my previous idea leading to this. Again I won’t be long winded here… Bitcoin is overheated. If you look on the largest time frames there is a clear riding wedge ( bearish ) that’s been developing for years. It’s almost time for Bitcoin to sleep until the next halving of mining difficulties. As you can see, we still haven’t visited the bottom of the wedge since we last got rejected by the upper resistance line. I expect Bitcoin to atleast visit the bottom of the wedge in the next few months. Another bear summer is coming … There could be a buy opportunity at the bottom of the wedge (around 30-32k)… but I’m not taking that. I’ll wait until it breaks down side of the rising wedge and drops right before the halving like it’s always done. I expect it to not break below the previous cycles ATH (20k) , as it’s never done… I will be buying around 22k when Bitcoin finally goes down to retest the old cycle high (something we still haven’t done since rocketing past it before 2020 Xmas )… some will claim it will be different this time… Right, we know how it goes when you think that. Still in my short from previous idea at 44K.
