It doesn't matter too much right now, but idd. there were lot's of bearish factors which should have been taken in account.
I wish I had posted this together with the bearish ETH post, as there was a clear diamond pattern in ETH as indicator as well.
If the news and overall sentiment is too great, the opposite will always happen.
It was an inevitable result of just high prices on a macro level.
We had never been visited the 21 and 50 ema within a year, which has never happened in the history of bitcoin.
This drop was a normal result from an insane run-up.
The only factor which was not really visible, was an Elliott 5 impulse wave up, but we had to count from the bottom,
which was 3.2k usd.. but everyone forgot we came from this far ofcourse.
Seen from this level we have barely reached the 50% FIB retracement, but from the real run-up we have been rejected
from the 61.8% level, which is still ok.
I foresee a short break out of the yellow descending wedge on the right, but all indicators are still bearish of-course.
We should get fast to the 45K usd level, and in fractals moving upwards, but the resistance is insanely big.
Volume is only selling volume ofcourse, and in alts volume is really decreasing...
We could have a consolidation after a small jump up, or even just a fade out...
Danger is if we make a right shoulder if we get out this wedge, which I could not imagine the result...
We cannot see that far, so step by step.
The most important is where you have entered the market.. if you entered at the beginning of the bullmarket,
there's still no need to panick.
Of-course new investors are shaken out (almost) completely.
Sentiment should have turned ultra bearish, before we see a rise..
If we see too much good news about recovery or 'correction', I foresee a longer consolidation or drop.
I wish I had posted this together with the bearish ETH post, as there was a clear diamond pattern in ETH as indicator as well.
If the news and overall sentiment is too great, the opposite will always happen.
It was an inevitable result of just high prices on a macro level.
We had never been visited the 21 and 50 ema within a year, which has never happened in the history of bitcoin.
This drop was a normal result from an insane run-up.
The only factor which was not really visible, was an Elliott 5 impulse wave up, but we had to count from the bottom,
which was 3.2k usd.. but everyone forgot we came from this far ofcourse.
Seen from this level we have barely reached the 50% FIB retracement, but from the real run-up we have been rejected
from the 61.8% level, which is still ok.
I foresee a short break out of the yellow descending wedge on the right, but all indicators are still bearish of-course.
We should get fast to the 45K usd level, and in fractals moving upwards, but the resistance is insanely big.
Volume is only selling volume ofcourse, and in alts volume is really decreasing...
We could have a consolidation after a small jump up, or even just a fade out...
Danger is if we make a right shoulder if we get out this wedge, which I could not imagine the result...
We cannot see that far, so step by step.
The most important is where you have entered the market.. if you entered at the beginning of the bullmarket,
there's still no need to panick.
Of-course new investors are shaken out (almost) completely.
Sentiment should have turned ultra bearish, before we see a rise..
If we see too much good news about recovery or 'correction', I foresee a longer consolidation or drop.