Bitcoin appears to have broken down as forecasted nearly 1 month ago on October 18th. From here I will be looking for a Macro reversal in the 36K - 47k region, prior to proceeding to our 100k+ Macro target.
- We will need to wait to see how this follows through to the downside in order to determine if Bitcoin will continue to range outwards in a complex structure - dramatically lengthening this period of accumulation. Or if it will break down impulsively, ripping through liquidity before changing gears to the upside again.
- It should be noted that momentum has yet to break into Bearish Control, leaving open the possibility that we could see another leg upwards towards 73K before breaking down. However, this is incredibly unlikely given the intensity it has already begun to trend with.
This is the dip we've been talking about. By now, it should be clear what you should do.
From your chart, Shows 40k BTC is a possibility, wouldn't that be extremely bearish and when do you think this will play out, in weeks or months or is it going to be a fast decline? Appreciate the input as always. Thanks 🙏