We are at a rounded top. The chart explains itself. Elon Musk hyped this market. Bitcoin is too high in price. It needs to come back down to actual price. It will, and you'll need to be patient. Elon Musk has somewhat ruined Crypto by over hyping it prematurely. 42K BTC ATH was fine for January 2021 and it was going to 30K per Bitcoin but Tesla stopped the decline by Elon and Telsa "Bitcoin announcement" which caused a double ATH this year to occur. This caused a massive inflation in the market and its going to sell off now. ETH already way too high at 4K usd per coin... Market needs to cool off. This is a warning that we are about to drop hard. Trade carefully and watch your investments this year!
Trade active
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Elon top verified, Elon Musk, destroys Bitcoin May 12-13, 2021. Bitcoin top was 65K for its life, and it will never go higher. Please save this for history and lesson purposes. I hope you don't lose in this scam.
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Bitcoin is not the future of money... the "IDEA" of it is... you're investing in a popular toy... a replica is going to take its place and do much better for a lower price.
It may not even be "Bought" Coinbase going public with stock matured the Crypto market which means the excitement is over.
A mature market is NOT a good market to have and the pumps and volatility ends now.
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When I first got into Crypto, I thought it was cheap, and a great idea. I knew it would grow and i'd grow with it until the market hyped and matured. I saw so many "Coins" being bet on. I asked myself wtf is the meaning to develop these "coins" for multiple things. Then it hit me. Its all a gamble. The idea is what you are betting on, not the actual use. So I rode this up to the ATH of 65K, looked at the analytics, saw the market shift, and saw the end was near and sold. These other "Coins" are not going to be used, and the companies making them are going to take your money anyways and disappear
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Yeah.......... about that. Pressing play.. delighted
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DEAD CAT BOUNCE CONFIRMED AT 40K LEVEL from 30K BOUNCE.
BITCOIN will be UNDER 20K June 1 - 7, 2021
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June 5-7th was premature, I must admit. I will extend it to JUNE 21st. PATIENCE! It's coming
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30K was fine.. we did hit 20k levels so I take it as a win.
It wasn't an announcement it was revealed in a SEC filing.
CryptoToTheFuture
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@Mrorpheus, Yes but he still made the announcement after and then jumped into the Crypto Train. Elon musk is a massive Troll, he has done damage to the community and made a joke of it. I am only stating the Elon Top is what is an easy sell. Bitcoin is too high this quick I think it should be around 20K
geekpe
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@CryptoToTheFuture, yap was both ...was published in reddit days before suspiciously "for someone inside tesla"
while btc was dropping e.musk confirm the invest of tesla in btc ...
all is overhyped btc eth etc doge ada bch ltc a lot of hype for not reason
few changed in few months but all is hyped "bubble"
Thanks for posting this series of notes. I completely agree with your thesis of buying the *idea* of crypto and that s-coins will eventually disappear due to lack of a solid use cases. Once it began getting stupid with SHIBA and a thousand other senseless coins, it was pretty clear we were living in a house of cards.
I was an equity analyst at a bulge bracket during dotcom, and took a bunch of companies public that had almost no revenues. Only one of them survived, LendingTree. The others became irrelevant, but after their IPOs they almost all traded up 10x-20x. I got that same sinking feeling about SPACs and crypto, and I know the hedge funds I managed money for (after the bubble burst) were playing in all of these. For retail investors to think they'd beat the pros was always unrealistic, but they either thought they could play the GME "power to the people" game with crypto or were knowingly (or perhaps unknowingly) gambling by employing the Greater Fool Theory. I suspect that few retail traders here have any idea how many incredibly bright people on the Street have written complex trading algos to beat the coins out of them. Wyckoff is simplistic compared to the programs for which these folks conjure, backtest, and determine probabilistic risk-adjusted outcomes.
Keep up the good work.
Universe
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It certainly looks like a rounded top. Whether Elon contributed or not, we can't know, but it is a great theory and chart. I don't think crypto is dead forever, but it may not get to the extremes people are expecting. EVERYONE is expecting it now. This the shoeshine boy and taxi driver giving wallstreet traders stock tips moment. In the past it was only the minority of 'crazy people' suggest BTC could get to 1k, 10k, 20k. Now EVERYONE says 200k, 250k, 1mill eventually. And the 'crazy people' are now the ones saying 'I'm not so sure anymore'. We may fall for months to year or so and then rise slowly again. Maybe get to 100k in a couple years. I was expecting a parabolic spike top myself to 200k but things may have changed in this market now.
oafless
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after Elons news about suspending BTC buying on Tesla, its following this chart...