So as you can see we broke support of our big descending triangle and everybody is now screaming BUY THE DIP! and here is why I'M NOT:
1.This is the first move to the downside after breaking support
2.We have been seeing very bearish price action since our 13.8k~ blow off top which was confirmed quite well by volume
3.BTC goes in cycles parabolic run ups and vicious busts down...to me this is just the beginning of the downward moves to come
4.If you look at the 6k-3k move we have not seen any volume like this to identify a possible bottom yet If anything we're just starting this path until the last BTC is sold
5. Smart money has already made it's gains they have accumulated low and sold high
From my other charts I had jan/feb next year as a time we would bottom however BTC cycles are getting faster over time and we may reach it earlier, as for when would I be bullish? well I would change my view when that 13.8k~ top is busted until then i'm quite bearish.
I'n summary we want to see sell volume increasing very rapidly until it does not then ideally we consolidate sideways for a bit to find a bottom before starting the new cycle up, I will note that BTC typically overshoots support so having any price in mind is not the best idea you're better off
following the price action and as I said look for volume to confirm the majority of sellers have left the market gl.
1.This is the first move to the downside after breaking support
2.We have been seeing very bearish price action since our 13.8k~ blow off top which was confirmed quite well by volume
3.BTC goes in cycles parabolic run ups and vicious busts down...to me this is just the beginning of the downward moves to come
4.If you look at the 6k-3k move we have not seen any volume like this to identify a possible bottom yet If anything we're just starting this path until the last BTC is sold
5. Smart money has already made it's gains they have accumulated low and sold high
From my other charts I had jan/feb next year as a time we would bottom however BTC cycles are getting faster over time and we may reach it earlier, as for when would I be bullish? well I would change my view when that 13.8k~ top is busted until then i'm quite bearish.
I'n summary we want to see sell volume increasing very rapidly until it does not then ideally we consolidate sideways for a bit to find a bottom before starting the new cycle up, I will note that BTC typically overshoots support so having any price in mind is not the best idea you're better off
following the price action and as I said look for volume to confirm the majority of sellers have left the market gl.
Comment:
Given reason price action id say there is a 80% chance we see 6k levels gl.
Comment:
The move has only just started and we will likely see more waterfalls down with sideways chop struggle to see $7700 holding