Bitcoin Kraken/Crackin'(pun intended) March 22 Update(2)

Mar 30, 2023

This is a continuation zoomed in idea from the prior one. Overnight there was what I deem to be a manipulative outlier during Asian market hours that lasted approximately an hour and a half. Over the course of that hour and a half a swift rise and fall occurred. Due to that suspicious move I deemed it an outlier and scribbled it out until proven otherwise. Therefore I will continue with the prior count as if that outlier never occurred.

Viewing the chart aside from the outlier it appears that Bitcoin's price structure developed as previously anticipated and completed a proregressive fifth wave in proregressive Wave C according to my perceived wave 2 proregressive(upward correction) Flat. From that point regressive wave 3 within regressive wave C appears to have begun.

I also took the liberty of marking up what appears to be a Head & Shoulders Top Pattern in the ending leg of proregressive wave 2 into the beginning of regressive wave 3 within regressive wave C.

Keep in mind that this idea update has been constructed according to my current temporary bearish bias. I still believe that Bitcoin is in a new bull market since November 21 2022 and is going to experience a hefty correction until proven otherwise.

Since Bitcoin is highly manipulated and trades like an illiquid penny stock, outliers are no stranger and the past is filled with them. Experience suggests to remove such outlier distortions to make sense out of what may appear to be chaotic until proven otherwise, in my humble opinion. Since my presence here I have noticed Bitcoin erratic moves throwing counts out of whack due to manipulative distortions. That's not to say that I don't make mistakes. I certainly do and I'll be the first to admit to them once the market proves it without manipulative outliers. Once again, all in my humble entertaining opinion!
All the best!

Mar 30, 2023

Trade active

Just a little heads up. For those who haven't seen this old video, I highly recommend you look at it and listen very carefully.

Jim Cramer explaining the basics of stock market manipulation #JimCramer #Manipulation #market

Check it out on You tube.
All the best!