Hi everyone.
I've been considering this idea for some time now on BTC and thinking that this probably will be a much more major correction than many expect.
Currently, there still isn't any real reason for BTC to be heading on another bull run. There is widespread economic instability and mounting government debt world-wide, increasing unemployment rates and many of these jobs simply will not return. There simply is no new money to fuel this kind of a run up for BTC.
Covid-19 is not the underlying cause of the poor shape of the global economy, but it was more than likely the catalyst that finally set it into the turbulent motion we will experience for some years to come.
I think that in a "best case scenario" for BTC, it could be making a very large contracting triangle. Depending on how much the global economy suffers over the coming years, the price of BTC could behave FAR worse than this. BTC could find itself in corrective mode for nearly the entirety of this decade before breaking out of this trend for more upside - if this idea plays out.
Markets like the S&P are ripe for a crash any day now, and with Covid-19 rearing its head for another round and the US presidential election about to commence - I believe we are about to see a MASSIVE crash market-wide.
The waves I've superimposed are just for ideas - I doubt that it will behave like this overall, but I expect the timing to be potentially accurate. How it is drawn here is my best guess - however, Wave-E could take much more time than I have here, but shouldn't last longer than the green box.
RSI (bottom indicator) has been screaming top for a while now, and several other indicators tend to support this.
Let me know your thoughts on this, I just don't see a bull run any time soon.
Good luck... not trading advice, just my thoughts.
I've been considering this idea for some time now on BTC and thinking that this probably will be a much more major correction than many expect.
Currently, there still isn't any real reason for BTC to be heading on another bull run. There is widespread economic instability and mounting government debt world-wide, increasing unemployment rates and many of these jobs simply will not return. There simply is no new money to fuel this kind of a run up for BTC.
Covid-19 is not the underlying cause of the poor shape of the global economy, but it was more than likely the catalyst that finally set it into the turbulent motion we will experience for some years to come.
I think that in a "best case scenario" for BTC, it could be making a very large contracting triangle. Depending on how much the global economy suffers over the coming years, the price of BTC could behave FAR worse than this. BTC could find itself in corrective mode for nearly the entirety of this decade before breaking out of this trend for more upside - if this idea plays out.
Markets like the S&P are ripe for a crash any day now, and with Covid-19 rearing its head for another round and the US presidential election about to commence - I believe we are about to see a MASSIVE crash market-wide.
The waves I've superimposed are just for ideas - I doubt that it will behave like this overall, but I expect the timing to be potentially accurate. How it is drawn here is my best guess - however, Wave-E could take much more time than I have here, but shouldn't last longer than the green box.
RSI (bottom indicator) has been screaming top for a while now, and several other indicators tend to support this.
Let me know your thoughts on this, I just don't see a bull run any time soon.
Good luck... not trading advice, just my thoughts.