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RE: Bitcoin (BTC) Morning Update: Why Am I So Bullish on Bitcoin?
Hello, many thanks for TA.
I just made an acount on bitcoin live.
I have a curiosity which i do not understand, why the triangle is bullish and not bearish like this :
![bear btc.png]
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Thanks !
A symmetrical triangle and the MACD triangle indicate that a massive price action is happening -either huge price pump or massive price crash. However, Haejin believes that a massive bear market to the 2 or 3ks is very unlikely as he believes in the value of cryptocurrencies, so he favors the bullish scenario.
Many thanks for the explanations!
Indeed, same question. The same applies for the picture with the purple wedge...
A rising wedge is indeed bearish. However, he is saying there are more bullish signs -inverse head and shoulders and the Elliott Wave count- than the bearish signs. Although most rising wedges break down, not all do. He is suggesting that due to the bullish signs, the wedges may be invalidated.
crazy analysis!