#BTC Potential irrational bullishness before a blow off top.

#BTC Potential irrational bullishness before a blow off top.

BTC 4H TF

potential irrational bullishness before a blow off top.

Looking here is that bitcoin infact broke out of a rising wedge (a bearish pattern ), retested the wedge and bounced back is infact super bullish , probably what everybody likes to see.

We are reaching a confluence zone which is possibly the 58-60k levels, however, we’re also pretty much far away from the ribbons and the 200 EMA and i do hope everybody learned that eventually bitcoin will retrace to that point.

eventually, this will happen, however, the more we stay up, the more the EMA also goes up, so the bears infact have a final chance to push the price down but after that squeeze, psychologically i believe there is a little bit of bearish capitulation going on but extreme greed now.

Scenario 1: irrational bullishness before a blow off top

Scenario 2: unable to reach all time highs again and have a very very terrible blow off top to 15k as per the 200 WMA Heatmap

Funding rates also flipped positive so keep in mind that a long squeeze may also be coming soon, don’t be surprised.