CPelsor

CPelsor

RSI bottoms Trend line support Massive ascending triangle What more do you want you plebs?!?!?

CPelsor

A clear rejection off the 0.5 fib retracement sets an algo target of a little above $8000 for bitcoin This is greater than 2.5x off the previous cycle low This would be an 87% retracement from ATH (a fairly typical boom-->bust retracement size for bitcoin) Target invalidated with a monthly close above 36k

CPelsor

Today we saw a classic capitulation candle with longs getting flushed out Bitcoin bounced off of multiyear resistance and hit the most oversold on the daily RSI it's been since the pico bottom Crypto twitter is hysterically fearful Time to grab your nuts and buy a bag.

CPelsor

Falling wedge or falling channel DXY remains in a downtrend unless 104 breaks convincingly. With RSI approaching oversold and PA being at the trendline it's likely we see rejection from here. Headlines for overall markets are very fearful - while bullish on the DXY. Be greedy when others are fearful and PA/RSI are approaching resistance my friends.

CPelsor

Final Thoughts - Consolidation followed by 50% drop historically - Cycle Peak to Cycle low historically 84-86% drop - Historically peak to bottom takes 356-426 days - Bitcoin likely bottoms 12k-9k - Bitcoin likely bottoms Dec '22-Jan '23 - New All time High in '25

CPelsor

This is not financial advice... 1. With a bearish engulfing candle on the weekly timeframe after a monster run it's likely the local top is in. 2. The question now is: Is this the start of a bull run, or just a continuation of the bear market? A. Bear Scenario: The algo/fib target off this top is 1.1k 3. Bull Scenario: Where do we bounce? Things...