It seems BTC is following an ABC correction similar to the crash after 20k. Lets see if it plays out
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Skinny red lines are short term trend lines im using to guide movement. Solid Red line is the triangle drawn using the 4H time frame. dotted white line is a potential top of triangle using the 1-3d timeframe Thick white dash lines are triangle using the weekly time frame skinny dashed white line is downward channel from 58k
Idea: Looks like the 31k crop brought us to the bottom of the 1week triangle, a bear trap fakeout from our 4H triangle similar to the bull trap previously. We now had a run that brought us to the top of our 4H triangle which also lined up with the down trend channel from 58k. I am expecting the skinny red dotted trend line to be a potential trajectory down to retest the weekly (large white dashed) triangle line. A bullish break is still possible to reach the top of the weekly triangle but I think the wick to 37k might be the top, I am short from 36650 after taking profits at 31.5k previously
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fakeout to bullish side, now back in the triangle and rejected at the top. possible wave count brings us to 12k
@mcdaverage, I could see it going to 9-13k. we will see what happens. This is based off of retracement levels from 2018 crash. I remember people calling for a 3k bottom when we were at 16k and everyone thought it was crazy. BTC lost 85% of ATH last cycle so if that happens again my target of 9-13k will stand.
bluesapient
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@kevincantone4, I remember and I agree. I think this is likely to happen.