In retrospect this ABC top had more drift and was a weaker top than previous back from February - May which had formed out of an extremely bullish phase. And so rather than a solid 0.75 bounce in circled area we get a very weak bounce.
I've drawn a squiggly line as my best guess of what happens next - could be similar to 2018 rolling off the table. Notice the 3D50MA caught the bottom in October, now acts as resistance over a nullifying evening star candle formation.
These fib cicles have seen activity at every point pretty much, so I wouldn't be surprised if a drop happens around the next one.
Anyhow Bitcoin is done - sorry about that.
I'm going to maintain my 2 long alt positions in ADA and OMG because they are oversold on the daily and ADA in particular has a lot of bullish divergence but although they may rally, this is not the ideal situation. I just chart and trade for the love but there will be MUCH better risk / reward opportunities coming down the road for those that are patient.
You know what they say about when all the bears flip bullish online. Including myself. Noone left to enter the ponzi scheme. And yep 20K is coming. Was expecting to see 53K first but w/e
kommon916
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you're half right, we will recede downward but it's not over. I'm not bullish or bearish, just study the patterns and data. most of people's incorrect assumptions come from shody TA, using Mario flag wedges or trying to find meaning in stock candle annotations, doesn't work so well in crypto.
dRends35
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@kommon916, It is over and it is has only ever been ranging since February and I called it to hit 20K in March on record.
kommon916
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@dRends35 you me and about a hundred thousand other people lol. Not over though.
dRends35
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@kommon916 You mean the “hundred thousand” like you that have no charts?I actually did call BTC to hit 20K in March - it’s in my profile.
kommon916
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@dRends35, I just now realized you require validation and acknowledgement lol. I dont publish my charts so I dont make calls, thats not arrogant of you hahaha. *grats* on your picture :)
dRends35
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@kommon916, I dont "require" anything, but rebutting that BTC has been done since February for anyone with the skill to see, and now pointing out the reason you haven't got any charts is because you are here to follow others and talk breeze that you cant back up. If you have a chart that shows any worthwhile as to why its not over for BTC you are very welcome to post it here.
You had a good idea when you mentioned in Fink's post how it looked like there was accumulation going on. We did break higher which caught everyone by surprise. Now we are falling lower and each time people are saying "buy the dip". I don't know if this range in the 40s is ready to get taken down just yet but it is bound to happen sometime in the coming weeks. Wait for one more potential attempt to the upside from the 44k range and then get ready for the big short in the early months of next year.