What we can see in the chart is that the last few weeks are almost an exact copy of the period leading up to the most recent dump of 10k.
I suspect a bulltrap leading up to as high as say 39.5k followed by another 10k drop.
That would take us to a bottom that is exactly in line with the longer term support around 28k / 30k.
If we take into account the dumps get stronger each time it could even take us down to 25k.
No financial advice, DYOR blablabla.
For me it's still a no buy at this point, dispite all the bullish charts and youtube videos that show up again.
To zoom out to the even bigger bigger picture.
2018 bear market took 1 year from top to bottom and took us down roughly 80/85%.
The big question is what is the top of this cycle..... 65k in april or 69k in november.
I lean towards 65k with the 69k just beeing an overextended retrace caused by hype and fueled by social media and 100k dreams.
If that is true we are in for a lot more pain as that would put the bear low in april 2022.....
I suspect a bulltrap leading up to as high as say 39.5k followed by another 10k drop.
That would take us to a bottom that is exactly in line with the longer term support around 28k / 30k.
If we take into account the dumps get stronger each time it could even take us down to 25k.
No financial advice, DYOR blablabla.
For me it's still a no buy at this point, dispite all the bullish charts and youtube videos that show up again.
To zoom out to the even bigger bigger picture.
2018 bear market took 1 year from top to bottom and took us down roughly 80/85%.
The big question is what is the top of this cycle..... 65k in april or 69k in november.
I lean towards 65k with the 69k just beeing an overextended retrace caused by hype and fueled by social media and 100k dreams.
If that is true we are in for a lot more pain as that would put the bear low in april 2022.....