Hey gang, I'm back again to share a few thoughts. I need a break from listening to the ever-maddening nonsense from the bigmouths on YouTube who have been prematurely calling for the bull market to resume.
Right now at this very moment, it's pretty obvious that "some" type of correction is about to happen. But how light or severe will it be? I think the stochastic peaks from the two prior bullish romps combined with the positioning on the current bearish trading channel give us a little insight.
Some of the people who I truly respect, like Benjamin Cowen, have been talking about the high probability of BTC finding a bottom at 43k, where the 200 day EMA would meet the price line. This has technical credibility, because we do see a big volume node in the 42k to 43k zone on the VPVR. I would give this the highest probability of all scenarios. However... it is BEST to consider the WORST if you don't like parting ways with your money.
Evidence for a more severe drop can be found when zooming out on the chart. Pay special attention to the stochastic peaks during the last two runs that I have highlighted in the ovals. Compare that to the current stochastic peak we are in. We know this peak cannot go on forever, and we also know that it can't last much longer than the two previous. There HAS to be a drop and a full cycle soon, and I think we are right up on it.
When you look at the positioning of the price line within the parallel bearish trading channel that I have indicated on the chart, and combine that with the high probability that we will get a full cycle bottom very soon on the stochastic, a return to the bottom of the channel is possible. It might not be of high probability, but it is certainly something to take into consideration. If you look at the MACD which slightly lags behind the stochastic, you'll notice that the oscillators are at a peak, and are about to cross over and POSSIBLY head south.
Keep this in mind... anything could cause this correction to go into ridiculous mode, like a stock market crash, a lock-down response to the current pandemic, or a failure in the banking system due to the reserve requirement crisis.
I've still got my eyes on 43k as a point where I'll start accumulating alts. But it will be "dollar-cost-average" time for me, alllllll the way down, if 43k does not hold. I'm not going to miss this next run.
Not financial advice. Do yo OWN thang and don't be making dumb decisions based off my crazy guesses.
Carlton Flowers
THEE CryptoPro (who is also found in other places of the virtual universe that shall not be named)
Right now at this very moment, it's pretty obvious that "some" type of correction is about to happen. But how light or severe will it be? I think the stochastic peaks from the two prior bullish romps combined with the positioning on the current bearish trading channel give us a little insight.
Some of the people who I truly respect, like Benjamin Cowen, have been talking about the high probability of BTC finding a bottom at 43k, where the 200 day EMA would meet the price line. This has technical credibility, because we do see a big volume node in the 42k to 43k zone on the VPVR. I would give this the highest probability of all scenarios. However... it is BEST to consider the WORST if you don't like parting ways with your money.
Evidence for a more severe drop can be found when zooming out on the chart. Pay special attention to the stochastic peaks during the last two runs that I have highlighted in the ovals. Compare that to the current stochastic peak we are in. We know this peak cannot go on forever, and we also know that it can't last much longer than the two previous. There HAS to be a drop and a full cycle soon, and I think we are right up on it.
When you look at the positioning of the price line within the parallel bearish trading channel that I have indicated on the chart, and combine that with the high probability that we will get a full cycle bottom very soon on the stochastic, a return to the bottom of the channel is possible. It might not be of high probability, but it is certainly something to take into consideration. If you look at the MACD which slightly lags behind the stochastic, you'll notice that the oscillators are at a peak, and are about to cross over and POSSIBLY head south.
Keep this in mind... anything could cause this correction to go into ridiculous mode, like a stock market crash, a lock-down response to the current pandemic, or a failure in the banking system due to the reserve requirement crisis.
I've still got my eyes on 43k as a point where I'll start accumulating alts. But it will be "dollar-cost-average" time for me, alllllll the way down, if 43k does not hold. I'm not going to miss this next run.
Not financial advice. Do yo OWN thang and don't be making dumb decisions based off my crazy guesses.
Carlton Flowers
THEE CryptoPro (who is also found in other places of the virtual universe that shall not be named)