Is a 70% crash to 20k for Bitcoin going to print ??

Aug 11This is a 3 week chart. Each candle print takes 3 weeks. This is not a forecast for tomorrow or the day after. This is months in the making.

On this timeframe months pass until targets are realised. Regardless, there are some important signals now printing that require attention.

When:

1) Stochastic RSI was above 80 AND then crosses down 50 (red arrows)

AND

2) RSI 50 level confirms resistance once a breakout has printed (black circles) as it is now, you must watch for a confirmation of resistance.

A and B had confirmed resistance in 2018 and 2019. 80% and 70% corrections followed. Point C in early 2021 was a false breakout only confirming in late 2021. A 75% correction followed.

Look left. This chart is now either repeating years 2018 / 2019 or 2021.

There are some important takeaways from all of this.

1) Whether it is a repeat of 2018 or 2019 or 2021, the bull run is over inside the next 6 months. There are far too many calls for higher highs into 2025 and beyond. That is not going to happen.

2) This is not a forecast for something that is going to happen right away.

3) The market top is not in yet. True. Market tops arrive with Euphoria not fear.

4) When this RSI resistance confirms, there will be no long opportunities in the market until 2027 at the earliest.

Ww

Aug 27

Comment

The continued selling pressure is relentless. Just as with the previous 3 occasions stochastic RSI crossed down the same level on the 3 week.

Sep 1

Comment

This idea is incredibly hard to fault at the moment. The 3 week stochastic RSI continues to pick up downside momentum, just as it did before. This all happens in the face of a Hash Ribbon buy signal. The first false signal in 15 years?

As I look at this 10 day chart, what do we see with the 71k test? Three rejections with lower highs in RSI. In other words a triple top bearish divergence.
If this were a stock I held, I would have long exited.

What needs to happen to invalidate the bearish divergence? The same thing since early June, a close above 69.5k on the weekly, which has refused to print.

Weill keep an eye on it. Remember this is a 3 week chart idea, an explosive move up could still print and this main chart still remain bearish.

7 days ago

Comment

The 3 week stochastic RSI confirms on Monday.
Hard to believe the market could drawdown so much.