BTC Top pattern analysis (outlined in yellow) suggests BTC remains in a bearish formation. Comparison analysis trends corollate across MA, RSI, Market Structure.
The Scenario points to:
- PAST: Price rally up was expected (although long entries on ALTs was hard due to lag behind BTC)
- PRESENT: Scenario suggests current price would begin to level off - might continue to run to the 50MA then large scale chop for a couple of weeks max. ALTs hitting long exits - e.g. LUNA. Suggests this is not a buying area - more profit taking.
- FUTURE: BTC price movement moves towards final 2 bearish impulses down and corresponds to my SPX Big Short which is also playing out as well - Any new substantial short looks like a week or so away
Will BTC go down? The market may not repeat but often rhymes. Counter to this is the possibility of a Running Flat Correction.
Best, Hard Forky
Market Top
SPX
Immediate-term ALT action
The Scenario points to:
- PAST: Price rally up was expected (although long entries on ALTs was hard due to lag behind BTC)
- PRESENT: Scenario suggests current price would begin to level off - might continue to run to the 50MA then large scale chop for a couple of weeks max. ALTs hitting long exits - e.g. LUNA. Suggests this is not a buying area - more profit taking.
- FUTURE: BTC price movement moves towards final 2 bearish impulses down and corresponds to my SPX Big Short which is also playing out as well - Any new substantial short looks like a week or so away
Will BTC go down? The market may not repeat but often rhymes. Counter to this is the possibility of a Running Flat Correction.
Best, Hard Forky
Market Top
Comment:
Initial Short Entry
Comment:
Short Target is just north of $42k
