Watch the BTC pullback to 382/.618 confluence of 5100
The BTC breakdown is real and will be prolonged.
This does not mean there cannot be up moves. One is probably coming soon as counter trend moves are not uncommon at all in markets.
There is a 0.382/0.618 confluence Fib level at 5100 that will provide significant resistance to any rally against the trend.
This level is dangerous because it is just above 5K which will get people in the mindset of "Ah... we are back above 5K now... good".
But it will not last.
This confluence level has a high probability of stopping any rally and will likely be the anchor from which BTC will launch its next move down into the 3K range.
BTC is done for at least 6 months.
The previous pivot high of 6.5K will not be touched any time soon.
Stay flat, and wait for volatility to die down before you even consider buying.
This does not mean there cannot be up moves. One is probably coming soon as counter trend moves are not uncommon at all in markets.
There is a 0.382/0.618 confluence Fib level at 5100 that will provide significant resistance to any rally against the trend.
This level is dangerous because it is just above 5K which will get people in the mindset of "Ah... we are back above 5K now... good".
But it will not last.
This confluence level has a high probability of stopping any rally and will likely be the anchor from which BTC will launch its next move down into the 3K range.
BTC is done for at least 6 months.
The previous pivot high of 6.5K will not be touched any time soon.
Stay flat, and wait for volatility to die down before you even consider buying.
We are now in the 3K range, a range I did not expect to see without a pullback first.
Therefore, when the pullback occurs, the pivot high from that move will be the launch point for the move lower... likely into the 2K range.
It comes to this: BTC cannot move up until all of the voices in the chat rooms stop calling for the bottom. There must be absolute despair across the board. When that happens THEN buy... BTC will likely be 1500 to 2500 when that occurs.