$70k Wedge Idea for Bitcoin - Open for thoughts...!?

4月24日

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Bitcoin is encountering key resistance areas, possibly topping out between 70k and 80k. I'm leaning towards a more "bearish" view, expecting a climb to 70k with a correction thereafter.

Using Fibonacci retracements from 60k to 70k, the .618 level illustrates short-term support. Wedge breakdowns often lead to double bottoms or worse, as they're typically reversal patterns.

Some Major Truths:

Trend is Your Friend: Avoid trading against higher-level trends to prevent being "whipsawed."
Bitcoin's Movements: Bitcoin behaves like other supply & demand markets. Don't underestimate its similarities to traditional markets.
Cognitive Biases: Emotional decisions can derail trading plans. Stick to your strategy to avoid falling into cognitive traps.
Fibonacci Ratios: These ratios are fundamental and should always be utilized. They're present in nature and in trading, providing crucial insights into market movements.
In summary, while Bitcoin's movements might seem unique, they adhere to established market principles. Understanding and applying these principles can enhance trading strategies and minimize emotional mistakes.