So. What does a mountain consist of? We'll first it consist of it's ascent, and then it's descent. It takes a great many mountains to form a grand mountain range. But at the end of the day, you'll have the Everest of mountains with due time. Here's our current descent.
Before I start, please read my linked related idea for a more detailed idea of the scenario we are dealing with as well as some good points to take in to regards with all that's been going on and price action. Thank you and please enjoy.
Today's Idea
Today's Idea will be a bit short but in my related Idea's linked I've detailed this week how we've been expecting a dump to precede this massive pump we've seen in the past couple of days as has happened before. Remember, the last time we saw a massive pump in price at the beginning of February we saw a dump follow. The same is happening here and crypto is still following within the ascending corridor or 'hallway' to call it. We called a reversal at the top and are continuing to descend with a sharp dump today across the market with some altcoins managing to actually get some gains and stay positive.
Technical:
Closing
Thank you for taking the time to read today's idea and thank you for the support on behalf of those that have been here since the start and continue to stick alongside me as I progress through this. Please be sure to leave a like and follow or share if you enjoyed today's quick idea! Thank you and have a great day.
~ Rock
Before I start, please read my linked related idea for a more detailed idea of the scenario we are dealing with as well as some good points to take in to regards with all that's been going on and price action. Thank you and please enjoy.
Today's Idea
Today's Idea will be a bit short but in my related Idea's linked I've detailed this week how we've been expecting a dump to precede this massive pump we've seen in the past couple of days as has happened before. Remember, the last time we saw a massive pump in price at the beginning of February we saw a dump follow. The same is happening here and crypto is still following within the ascending corridor or 'hallway' to call it. We called a reversal at the top and are continuing to descend with a sharp dump today across the market with some altcoins managing to actually get some gains and stay positive.
Technical:
- Bitcoin was just calling for a short term reversal, especially following such a fast move up. We expected the dump to be pretty dramatic which it has been however not as bad as we saw in February which is a good sign to start. If you look at my chart you can see this ascending corridor which I noted that Bitcoin and a lot of crypto has been trending in. Thanks to that we were able to figure the reversal point by which we are now looking at what has followed as crypto has fallen drastically today.
- In my last Idea I also noted that we were expecting for Bitcoin to come down to the 40-44k range and if we look at the lines we've drawn out, we should expect Bitcoin to come down to the 42k range before we see that final move to the upside we've been waiting on. I noted that we would have one more drop before a real move up and that is likely what we are dealing with today. So keep an eye on Bitcoin this week and watch for that 42k range to come into play.
- If we get to that range then it will be up to Buyers to keep support there so to prevent us from breaking through to the downside. If we can't sustain 42k and break down, 40k would be that last range to watch for on the Fib chart, if support breaks through 40k expect a pretty good move down to 35 or 36k but chances are we likely won't see that. Though this is crypto after all, you never know for sure.
Closing
Thank you for taking the time to read today's idea and thank you for the support on behalf of those that have been here since the start and continue to stick alongside me as I progress through this. Please be sure to leave a like and follow or share if you enjoyed today's quick idea! Thank you and have a great day.
~ Rock
