BTC and crypto market volatility has increased quite a bit. The negative news cycle is starting to pierce the bubble a little bit. Whenever you see you tube videos, X posts and news articles predicting a million percent in 20 days and anyone trying to point at the froth getting bashed to oblivion, you know it is time for a correction. In my opinion, this bull market is far from over. But this bus needs to slow down a bit to reload. Usually, a wave 4 correction is meant to shake out and confuse people. Wave 2 was a pretty controlled correction, so wave 4 will most likely be volatile. We might see drops back to 49 K and whiplash on both sides for the next 1 to 2 months. After that a sharp leg to complete the Minute degree 5 waves to 100k or close to it to complete the minor degree wave 1. Now, in true BTC fashion, this theory can be thrown into question if price make another higher high before the wave 4 correction starts, but either case, this is not the time to sell. Watch the higher time frame RSI. There should be a bearish divergence before the real sell signal flashes.
this is the best explanation i have seen for a likely rest of the year forecast. i am curious if we start to drop toward 50 if it will extend as low as 40 or 30. btc has a tendency to surprise us with seemingly impossible dips and rises much further than anticipated.
mukit1
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@prefabsprout, thank you for the kind words. Technically bull market is still on until 31.5k is breached. However, if 45k is breached, I would start to worry a bit. When things tend to get super volatile, I take off any stop loss. Market has a tendency to run stops and go the other way. I would rather watch things play out and get out when a solid downtrend is confirmed at least at a 4 hr timeframe.