Thus, I believe COIN's management created an artificially-manufactured BTC cycle top which by total chance occurred within predictive range of the pi crossing. As you may know, pi has never actually predicted a BTC cycle top in real time. In fact, over the past few weeks, I have written that pi was about to be invalidated unless BTC's previous ATH was suddenly exceeded, which was very unlikely...BUT this did, in fact, occur. (See attached.)
Thus, I believe that without COIN's suspect manipulation of BTC's price prior to its direct listing, the pi indicator would have indeed been invalidated. This is also why I believe we have not yet reached the top of this BTC cycle.
Note that on the 8H chart, BTC has still not closed a candle below the green support trendline which I drew from the low wick on March 28. The yellow trendline is drawn from the start of BTC's uptrend on Dec 11. The current 8H candle closes at 2000 EST (0000 UST ).
Perhaps even more importantly, BTC's 50 (8H) provided strong support in last night's sudden selloff, as it was approached but not touched.
Cons: A compelling argument for BTC having reached the cycle top is that historically, in the weeks after a cycle top alts greatly outperform. This is precisely what we have been seeing over the past few days.
While I am on BTC , I am not using leverage in trading BTC , and am closely watching the 8hr candles for further validation of support.
Happy trading to all.