Between an emerging ABCD pattern today and how the markets handle these next few weeks we may be entering the end of a falling wedge to a true break out around the 16,000 range. It hits a major prime number and the golden ratio arc for the upswing and trendlines indicate a slowing of the drop. We are in a 70% correction of possible max of 80% following the previous correction cycles of 2020-2018. BTC though has never been involved in a bear economic market so we do not ultimately understand what will happen with BTC at this moment. Safe trade and good luck.
Comment:
Been a while revisiting. Still my bottom for the foreseeable future. I believe we are in the middle of a black swan event that had similarly occurred in the March 2020 black swan fall out. People are looking for a nasty fall but we may have already been in it. Just keep a watch out. If 22k level falls I believe this area may be touched upon again. But I am still adamant we will see 35-40k possible before eoy to even a high of 47k.
Comment:
Guess it is time to update the idea. I am seeing cracks in this level range. 36k is going to be an interesting level but I am starting to see a major correction in the works. We have been moving up since December without truly cementing key levels of resistance. Market Movers enjoy faking out patterns to trick false moves before invalidating them. We are either going to break down at the 36k area to lower 31k to possible range bound to 36k-38k rest of the year but with each push, I am seeing a higher chance for a total break down to under 29k to a possible retest of the 16k level. I believe the likelihood of seeing lower 21k-16k again before halving is a high probability now. Even with the ETF news floating around. The pump from the fake news report without any correction is a major red flag to me. People falsely say that we will not drop because there are a limited number of BTC. That is imo not a valid approach to a speculation-based asset. In the mid-term, I am bearish but over the next 24 months, I do see a possibility of breaking 50k. If we break 50k and hold it though all of my bearish sentiments mid-term will be invalid.. Still, beware as I think we will see a world wide recession next year. Second quarter possibly.