Market is not expecting a large correction at all, which is exactly why it could happen. This double top looks like a major local topping formation, inflection point. Market seems to have all the characteristics of a B wave with over bullishness, lot of delusion still present, and almost nobody expecting a bear market continuation. Market average correction expectation: around the 8.000$ area. If Btc starts to settle below the 8k area, big doubts could happen about this whole market, and a large panic could ensue. This parabola is insane and has nothing to do in this area of the market cycle and cycle structure, which exactly reflects this market overbullishness and level of delusion.
Its a 50-50 bull market start, B wave starting to move to a large C wave. Yes, Bitcoin broke every resistance except the main Monthly resistance of 14k, yes the structure from 20k to 3k looks like the structure of a 100% completed cycle, so yes it has chances to be a bull market early stages. A consolidation of several months between 7200$ and 11 500$ would almost mean 100% that this is an early bull market forming. It is my last post about a possible prolonged bear market. Bitcoin is my baby and i am a long term bull about this super tech. But right now, we have a massive parabola that has nothing to do in here, so i am very careful. Laugh about me with this B wave, i know lots of millenials made it a meme, i honnestly don't give a fuck about it. I am just ready for bullish and bearish scenarii.
I also see strong support on that pink/purple line MA thing titled "RSI"
Giovi6969
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@MrRenev,
Brilliant one my fav smart sarcastic bear, why am i not surprised ^^
slam.blambacid
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I have friends, co-workers and family that started to save/invest in BTC or is considering to do it...people that didn't even was there in the 2017 bull run.
So...unless there is a huge amount of supply waiting to dump (wich would be a very foolish thing to do) it cannot go down that way.
It's true the parabola is exagerated and it could have been better to prior consolidate the 6k level... but I think the Facebook Libra hype had to do with it.
Giovi6969
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@slam.blambacid,
Thank you for dropping by, interesting about your co-workers and family starting to buy some Btc here, thanks a lot for this info
Take care
deactivatedaccount123
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@slam.blambacid, People who don’t know about Bitcoin wanting to get in makes me nervous tbh.
Perfectly reasonable comments. Personally, I'm looking for several months' consolidation, possibly going as low as 7200. I simply don't see Bitcoin collapsing all the way down, from now until the halving. Normally we would expect a run up into the halving, then perhaps a sell-off as it gets closer (sell the news). Time will tell. Good luck.
transparent-fx
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appreciate that you are willing to share your view, i'm sure you would also like my content, go take a check if wish
@Giorgioversace, Check his comments Giorgio. He spams legit everywhere. He's commented multiple times on my ideas even though I've told him to not do so. All he's trying to do is stay 'top'.