Swayzepunkz is short on BTC/USD
.
This is what a bubble looks like. It started at the beginning of COVID and took off again in the $GME frenzy. Many players made this huge. However, bubbles pop, and people suffer. I believe this to be true with Crypto 110%.
.
As you can see, the bubble began the pop, about 49 days ago, and dropped a whopping 50%.
.
I know you’re all very excited about the money in crypto, but consider this bubble in your own due diligence as it’s a possibility.
The lines you see are supports being hit after a massive drop. Roughly 36000 is where this symmetrical triangle ends which is in about 3 days.
.
This is a consolidation triangle which happens after large price movements and hits a level of general confidence. But we just need to look at the chart to know if this will recover.
AND SWAYZEPUNKZ doesn’t think it will.
.
The next support is at 18,000, and a CONTINUATION wedge will do exactly that, as far as we are concerned. Always consider zooming out, as the macro scales will always determine the micro scales.
Please comment below if you have questions.
@cryptopatel
.
This is what a bubble looks like. It started at the beginning of COVID and took off again in the $GME frenzy. Many players made this huge. However, bubbles pop, and people suffer. I believe this to be true with Crypto 110%.
.
As you can see, the bubble began the pop, about 49 days ago, and dropped a whopping 50%.
.
I know you’re all very excited about the money in crypto, but consider this bubble in your own due diligence as it’s a possibility.
The lines you see are supports being hit after a massive drop. Roughly 36000 is where this symmetrical triangle ends which is in about 3 days.
.
This is a consolidation triangle which happens after large price movements and hits a level of general confidence. But we just need to look at the chart to know if this will recover.
AND SWAYZEPUNKZ doesn’t think it will.
.
The next support is at 18,000, and a CONTINUATION wedge will do exactly that, as far as we are concerned. Always consider zooming out, as the macro scales will always determine the micro scales.
Please comment below if you have questions.
@cryptopatel
