In recent days you must have heard the news about bitcoin’s sudden flare to the upside. Honestly, I do not know if Elon’s tweet had played enough role in this or not. If you can check the charts of the #BTCUSD you could clearly see that it is a wedge pattern - which is a reversal pattern itself. proving that the rise of bitcoin was going to happen anyway.
But then why did many Technical analysts didn’t see it coming?
There is a reason for that if you look at the monthly chart you can see that
- Head and shoulders pattern - proving to be a Bearish outcome
- If their technical knowledge is low about How to draw trendlines, especially those who are new to this market and with the attitude of knowing everything - This is high.
- Finding a Descending Triangle pattern - a bearish outcome
- Descending triangle with a Head and shoulders pattern overall very bearish sign.
Lack of knowledge in trading can you high.