BTC Capitulation coming soon? The bears will have their way.

First... Don't use my ideas to set your own buys/sells, do the research and learn charting and find what makes you comfortable. Don't trust anyone else's charts with your own money. That would be ignorant of you. But I will gladly show you what my ideas are and we can debate them in the comments. Lets take a look. As we can see the market has had a slight pullback from the current bear trend we have been in for a few weeks now. Social media groups I am in have called this the double bottom and the end of the correction... I believe that this would be a very ignorant position to have. ALL trends have pullbacks, typically to the 38%-61% area of the Fib retracement and then a full reversal and continuation of the trend. In this case we are in a bear trend at the moment so any pullback up to this level (and even slightly above) should not be considered anything but a natural pullback. Given this information it looks like a pullback to the 7500 area is the most likely scenario. Again, this is based on probabilities from typical market trends, it could fail to reach this level or it could go even a little higher before a continuation of the bear trend. However, If this pullback does occur to this level, the fib ext tool puts the most likely target at the 5k level. This is confirmed with the fib retracement conflation at this exact level that I have circled. Conflation of these two = high probability of reaching this area. This should be a decent target area of interest for a possible buy zone and possibly a good place for the inevitable capitulation and panic selling to occur seeing as how most people "believe" that the 6k level will be the ultimate bottom and a fall through this support level could trigger lots of panic and might even send the daily wick lower through the 5k level from people freaking out because their expectations were wrong. By all means, we are heading down, this is the same market cycles we always see. We are near capitulation and ultimately accumulation period before the next boom cycle to new ATH.


I never HODL, if you do that is your own prerogative, but there is money to be made in all scenarios. HODLing is what will cause this capitulation. People who bought at 10-12k and have been told to "HODL" are holding on for dear life and are about to see half of their investment be wiped out.... Thats a hard pill to swallow. Causes panic, 50% is a very emotional number. A decent bounce is coming... but in my opinion it isnt going to happen at 6k. Thanks, let me know what you think.

Comment:

Still headed on this same track, major resistance at 7500 area should cause this to fall given that volume has not been significant in comparison to other actual reversals from before. You might could have skimmed 10-12% but playing very risky. Hold on to your hats, There will be blood, and that is when the carnivores come to digest the weak hands.