BTC has been in its "eternal sideways" for 8-9 weeks.
During this time weve had a bearish candle formation right at the top of this FW, and the 200MA which signals to me that were prepping for a downside move.
Theres a well defined range, thats about to break downwards, and trigger a new yearly low @ $5425
Once this happens, we will likely have a DCB, before continuing the downside move to $5000 - which has the potential for a capitulation event @ $4300
Now unfortunately.. i dont see a violent spike after this, like we did at the first 6k test, but rather an even more painful range, lasting ~ 3 months or so. With the same abysmal PA weve been witnessing.. fakeouts, full retraces, weak moves, etc.
I do believe the upside is coming, but we are in for a very cold winter.
During this time weve had a bearish candle formation right at the top of this FW, and the 200MA which signals to me that were prepping for a downside move.
Theres a well defined range, thats about to break downwards, and trigger a new yearly low @ $5425
Once this happens, we will likely have a DCB, before continuing the downside move to $5000 - which has the potential for a capitulation event @ $4300
Now unfortunately.. i dont see a violent spike after this, like we did at the first 6k test, but rather an even more painful range, lasting ~ 3 months or so. With the same abysmal PA weve been witnessing.. fakeouts, full retraces, weak moves, etc.
I do believe the upside is coming, but we are in for a very cold winter.
Note
First target hit, waiting on a small bounce - looking like a nice temporary bottom here, with large bull divergence Note
No real bounce - just stop runs followed by immediate downmoves. Nasty stuff boys, 2nd target hitTrade closed manually
All 3 targets hit
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.