It is likely that we will continue the move downwards, with bouts of consolidation, between now and the beginning of 2023. The composite man theory can be applied reliably now because institutional players are involved. We all know that BTC has events that create scarcity built into the system. These two facts mean that, to an extent, cyclical market behavior can be expected going forward. Our current part of the cycle is post all time high and pre accumulation. This leaves us in the distribution phase of the cycle where there is significant volatility and price manipulation, world events are exacerbating this. The composite man's goal now is to create liquidity at a discounted rate by preying on retail trader's emotions and inability to individually move the market. This is the most dangerous time to try and force a trade, it's easier on the wallet when you let the trade come to you. I will probably limit my trading to high time frame pivots, for the time being, while I accumulate on the way down.
Comment:
The target is hit and the accumulation phase begins.