The PI Cycle Top has nailed the top in $BTC TO THE VERY DAY!
Even the creator of this indicator doesn't believe 100% that the top is really in which is a great contrarian sign.
Coupled with a now very strong downturn in the weekly MACD which has historically preceded major downturns / bear markets.
Let's also consider the following:
- Massively bullish sentiment across news media, large banks, trading/investment firms all calling for $100-500k prices
- Ethereum making fresh ATH while $BTC has stopped making new ATH. Same occurred in late-2017/early-2018
- Speculative mania across many shitcoins; 13-year old kids riverboating DOGECOIN, etc.
- Launch of several new ETF products intended to suck in dumb money right before a major spill
- $BTC price peaks on same day of $COIN direct listing; $MSTR as a $BTC proxy seems to have peaked out already
So unless $BTC can swing past $65k, it looks like the bears could be awakening from hibernation here.
Should a major bear market commence, expect $BTC prices to decline all the way to trendline support of $6000-$8000 range...
Even the creator of this indicator doesn't believe 100% that the top is really in which is a great contrarian sign.
Coupled with a now very strong downturn in the weekly MACD which has historically preceded major downturns / bear markets.
Let's also consider the following:
- Massively bullish sentiment across news media, large banks, trading/investment firms all calling for $100-500k prices
- Ethereum making fresh ATH while $BTC has stopped making new ATH. Same occurred in late-2017/early-2018
- Speculative mania across many shitcoins; 13-year old kids riverboating DOGECOIN, etc.
- Launch of several new ETF products intended to suck in dumb money right before a major spill
- $BTC price peaks on same day of $COIN direct listing; $MSTR as a $BTC proxy seems to have peaked out already
So unless $BTC can swing past $65k, it looks like the bears could be awakening from hibernation here.
Should a major bear market commence, expect $BTC prices to decline all the way to trendline support of $6000-$8000 range...
Trade active:
Here comes da pain...