Disclaimer: I am a BULLTARD, I did however take some Money off the table in the 55-58,000 range. I have since Bought back in during the 29-35k range.
I have Been waiting for the resumption of the Bull market, or at the very least a DEAD CAT bounce where I can Re-sell what I have bought back in, and sell some additional coins that I should have sold before the big drop. If enough people are thinking like me, then that could turn this rally into a DEAD CAT.
The current top pattern we had in the 50-65k is like nothing we have seen before in a bitcoin top. I was looking for multiple 30% corrections while rising, and then a 50-60% Blow off top. What concerns me is that the Wyckoff accumulation that took place is essentialy multiple 30% corrections in a row... and perhaps we spent enough time in distribution and this is indeed a bear market from here on out, where every rally will fade and lower lows will be made.
I will be keeping some coins invested in case we break through and see new all time highs... This run seems Lack Lustre compared to prior bull runs which makes me believe it is not quite over. If this is not over then I suspect we are at the halfway mark.
SO yeah, the drawing is pretty clear, if you're worried that this is the end, take money off the table at the .5, and the .618. Frankly, It is possible the .382 will not be breached with any conviction... but I am greedy and willing to wait for a higher exit price.
IF this is a B in an ABC correction, then were looking at 14-17K price targets, which would be the beginning of wave 5 bringing us to new all time highs. I also suspect the lower we go the higher we go in the long run. Strong buying would occur at these levels and would likely be generational holds from large institutions.
I have Been waiting for the resumption of the Bull market, or at the very least a DEAD CAT bounce where I can Re-sell what I have bought back in, and sell some additional coins that I should have sold before the big drop. If enough people are thinking like me, then that could turn this rally into a DEAD CAT.
The current top pattern we had in the 50-65k is like nothing we have seen before in a bitcoin top. I was looking for multiple 30% corrections while rising, and then a 50-60% Blow off top. What concerns me is that the Wyckoff accumulation that took place is essentialy multiple 30% corrections in a row... and perhaps we spent enough time in distribution and this is indeed a bear market from here on out, where every rally will fade and lower lows will be made.
I will be keeping some coins invested in case we break through and see new all time highs... This run seems Lack Lustre compared to prior bull runs which makes me believe it is not quite over. If this is not over then I suspect we are at the halfway mark.
SO yeah, the drawing is pretty clear, if you're worried that this is the end, take money off the table at the .5, and the .618. Frankly, It is possible the .382 will not be breached with any conviction... but I am greedy and willing to wait for a higher exit price.
IF this is a B in an ABC correction, then were looking at 14-17K price targets, which would be the beginning of wave 5 bringing us to new all time highs. I also suspect the lower we go the higher we go in the long run. Strong buying would occur at these levels and would likely be generational holds from large institutions.