Zoom out on idea, it''s compressed once published. We could go to 42k and lower right now. After this pattern with BTC completes, it's correction can last 12-18 weeks, showing that 32K could be touched. This Triple Top pattern is not yet complete, and can be invalidated. However at this point the odds are good for this to play out from a Technical Analysis micro viewpoint.
From a bullish macro perspective the adoption for crypto is still accelerating. BTC itself is becoming an established coin. While ETH now has time to establish itself, there are many new coins who are far from being established.. so, this could be a rare time where BTC moves sideways in a range while many smaller market cap coins continue to "catch up", notably ETH. The end of this year could bring BTC to 100k and still have time for a correction to 30K right now. Again, this near term consolidation could last 12-18 weeks after this Triple Top pattern completes.
The most likely contrarian scenario is we retest 59K again while bringing ETH up more before a correction to our current level, and with that fourth leg up we could then gather enough new incentive to push towards new ATH around 74K, invalidating this Triple Top pattern
From a bullish macro perspective the adoption for crypto is still accelerating. BTC itself is becoming an established coin. While ETH now has time to establish itself, there are many new coins who are far from being established.. so, this could be a rare time where BTC moves sideways in a range while many smaller market cap coins continue to "catch up", notably ETH. The end of this year could bring BTC to 100k and still have time for a correction to 30K right now. Again, this near term consolidation could last 12-18 weeks after this Triple Top pattern completes.
The most likely contrarian scenario is we retest 59K again while bringing ETH up more before a correction to our current level, and with that fourth leg up we could then gather enough new incentive to push towards new ATH around 74K, invalidating this Triple Top pattern
Comment:
The Triple Top has completed, bringing us down to the lowest support. With the large buying volume seen here on May 13th, it can be seen as an anticipatory support for a reversal, but until the 2D, 4D and Weekly become bullish, it's sideways at best, downwards at worst for BTC
Trade closed: target reached:
32k BTC hit, going long at this point