Having flip flopped a bit in the previous thread, I think I'm back on track with this projection - Bitcoin is in a Intermediate Wave 4 descending triangle, which will take crypto into the real bear market. This imo is a much cleaner count than what I had with the pennant. It never felt right how the E of the pennant popped out, but this one I feel is on the money, will not be broken and reminiscent of the long 2018 descending triangle - 6K, and we know how that ended. This as I have said before will probably be a truly devastating capitulation and I have a feeling we'll see all-time-lows on the daily RSI and other indicators.
Trend based fib time there as a marker, will perhaps be relevant.
I'm short right here and will hold into the next capitulation - just like last time.
Will update on targets later.
Not advice.
Trend based fib time there as a marker, will perhaps be relevant.
I'm short right here and will hold into the next capitulation - just like last time.
Will update on targets later.
Not advice.
Comment:
Rejection complete. That's 5 clean touches now and this should be a solid structure from herein with price falling through the bottom at some point - maybe around end of the month.
Comment:
Press play and you will see price is back in the triangle. This is almost exactly what happened with the previous pennant which then collapsed on cue. I will be shorting if/when price reaches the upper trendline.
Comment:
...And good chance that will be as price hits 2.618 fib time on the 27th June. Not expecting a bullseye but I'd take it.
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