Do you see that 1-2-3-4-5 Elliot wave structure?
Wave 5 is not completed and the price hangs by a thread before disaster hits if this support at 18k falls.
Such a breakdown is likely in my opinion and could quickly take BTC towards 14k before the price bottoms and it reverses.
If that happens, panic and blood will be on the street. This is when YOU BUY. An 80% correction is in line with previous bear markets and would bring an end to this bear market.
If this breakdown does not happen, all is good, you can buy above 25k.
I am bearish on this price action due to the macro and I feel we need to expect another leg down. It's optimistic to think it won't happen.
Either way, have your spare pants ready as more pain could follow before the end of the year. As for the next year, at some point, I expect the market to turn bullish again and slowly recover.
Crypto is the first to crash and the first to recover. Traditional markets may suffer more, but crypto is already 1 year into this bear market.
At worst, we go sideways another year. Time will tell.
Trade accordingly and always have cash ready. Don't FOMO and DCA when BTC is under 20k, but make sure to keep powder ready for a possible drop lower.
Like and follow if you liked my idea!
Wave 5 is not completed and the price hangs by a thread before disaster hits if this support at 18k falls.
Such a breakdown is likely in my opinion and could quickly take BTC towards 14k before the price bottoms and it reverses.
If that happens, panic and blood will be on the street. This is when YOU BUY. An 80% correction is in line with previous bear markets and would bring an end to this bear market.
If this breakdown does not happen, all is good, you can buy above 25k.
I am bearish on this price action due to the macro and I feel we need to expect another leg down. It's optimistic to think it won't happen.
Either way, have your spare pants ready as more pain could follow before the end of the year. As for the next year, at some point, I expect the market to turn bullish again and slowly recover.
Crypto is the first to crash and the first to recover. Traditional markets may suffer more, but crypto is already 1 year into this bear market.
At worst, we go sideways another year. Time will tell.
Trade accordingly and always have cash ready. Don't FOMO and DCA when BTC is under 20k, but make sure to keep powder ready for a possible drop lower.
Like and follow if you liked my idea!
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