Okay, this is my bearish scenario for BTC, I already published my bullish outlook. I know, these are about as polar opposite as an outlook could be but I just didn't want to publish a rainbows and unicorns view without at least showing
an alternative. It is also very possible that there could be a third possibility, something in between where BTC just meanders in a more sideways pattern for an extended period (weeks or months).
In my opinion for this bearish outlook to play out, several things would have to happen first. We would first have to see BTC break below my long-term trendline, followed by a drop to test the Feb. 6th low, followed by a failure of
the Feb. 6th low leading to a stair-stepped drop to a support level that finally holds, followed by an extended consolidation period.
I know this is a pretty dark view but I don't think it is out of the question, I like to acknowledge all possibilities.
an alternative. It is also very possible that there could be a third possibility, something in between where BTC just meanders in a more sideways pattern for an extended period (weeks or months).
In my opinion for this bearish outlook to play out, several things would have to happen first. We would first have to see BTC break below my long-term trendline, followed by a drop to test the Feb. 6th low, followed by a failure of
the Feb. 6th low leading to a stair-stepped drop to a support level that finally holds, followed by an extended consolidation period.
I know this is a pretty dark view but I don't think it is out of the question, I like to acknowledge all possibilities.