Price finally hits breakout target from march's falling wedge!

12 May 2019

What an incredible bull run it's been thusfar these last three months for btcusd. Of course we've been expecting an eventual climb to at least $7229 since february and looking back over my previous charts you can see we've been charting the falling wedge breakout target since march 11th and the wedge itself as early as mid february. Not only did we finally hit the breakout target of this white falling wedge we went slightly farther and hit the blue horizontal support line that we have had set up for almost as long just above the wedge target at $7427. It always amazes me when crazy pumps like this happen to find their moment of retracement at trendlines that I've charted long before the price breakout had even began and this time is no exception. You can see this blue line in my previous weekly chart idea as well. Normally in a circumstance such as this I would have set up a limit sell right at that trendline with a stop loss a few pips above the trendline but this time because we are in the midst of a parabolic uptrend I will likely just hodl and buy dips to be safe until I see the weekly stoch rsi break under the support trendline that's been propping up momentum this entire bull run. until I see that break im playing it safe because I actually tried to catch a quick dip around 5.8 that never came and had to scramble back in and I refuse to repeat that I will be relying instead on my lower low/lower high and buy/sell line strategies to decide when to sell and until i get those signals I will only hodl and buy dips...however the greed fear index right now is on extreme greed which is always a bearish sign, plenty of bearish divergence on multiple indicators, retracing a bit right here at the horizontal blue trend line we have just reached would create the perfect possibility for a monthly cup and handle pattern to form its handle, and we're gonna have to break under the weekly stochrsi's support trendline in the not so distant future. A correction is well overdue but in a parabolic run like this all bets are off especially when so many new institutional investors are aware the bull market has just arrived again. so my strategy until I get the right bearish signals will be hodling and dip buying. We should know in the next couple days or so if we have more room to continue up or correct, but for now I leave this idea neutral.