If you've ever positioned in a range after a slight breakout, or bought any of the sharp rallies in that - you'll know it's not working out too well too often. I think a stronger BTC bull would have started to establish some higher lows by this point - not traded flat on the daily.
I've seen a lot more of these turning into capitulation patterns. I'm thinking swings to 15 -20K and then a second swing to 7 - 10K.
My original big BTC forecast was it would drop at least 70% without trading 71K. If we make another swing down this will complete, but if we make another swing down I'd not be surprised to see BTC 90% off the high before this is all over. Mega booms often resolve as 90% corrections. Another break lower, I think make this likely (It could take a long time to happen and be a slow downtrend with a lot of upmoves in it).
I've seen a lot more of these turning into capitulation patterns. I'm thinking swings to 15 -20K and then a second swing to 7 - 10K.
My original big BTC forecast was it would drop at least 70% without trading 71K. If we make another swing down this will complete, but if we make another swing down I'd not be surprised to see BTC 90% off the high before this is all over. Mega booms often resolve as 90% corrections. Another break lower, I think make this likely (It could take a long time to happen and be a slow downtrend with a lot of upmoves in it).