BTC has been in its "eternal sideways" for 8-9 weeks.
During this time weve had a bearish candle formation right at the top of this FW, and the 200MA which signals to me that were prepping for a downside move.
Theres a well defined range, thats about to break downwards, and trigger a new yearly low @ $5425
Once this happens, we will likely have a DCB, before continuing the downside move to $5000 - which has the potential for a capitulation event @ $4300
Now unfortunately.. i dont see a violent spike after this, like we did at the first 6k test, but rather an even more painful range, lasting ~ 3 months or so. With the same abysmal PA weve been witnessing.. fakeouts, full retraces, weak moves, etc.
I do believe the upside is coming, but we are in for a very cold winter.
During this time weve had a bearish candle formation right at the top of this FW, and the 200MA which signals to me that were prepping for a downside move.
Theres a well defined range, thats about to break downwards, and trigger a new yearly low @ $5425
Once this happens, we will likely have a DCB, before continuing the downside move to $5000 - which has the potential for a capitulation event @ $4300
Now unfortunately.. i dont see a violent spike after this, like we did at the first 6k test, but rather an even more painful range, lasting ~ 3 months or so. With the same abysmal PA weve been witnessing.. fakeouts, full retraces, weak moves, etc.
I do believe the upside is coming, but we are in for a very cold winter.
Commento:
First target hit, waiting on a small bounce - looking like a nice temporary bottom here, with large bull divergence
Commento:
No real bounce - just stop runs followed by immediate downmoves. Nasty stuff boys, 2nd target hit
Trade chiuso manualmente:
All 3 targets hit