BTC is getting very close to breaking down based on the violent nature of this most recent drop. If it does break down from support here, BTC could head towards 10k by January. I was suspecting a small drop here based on my most recent update, but based on the look of this drop so far we may actually end up making new lows. Normally wave-e wouldn't be so violent which makes me skeptical that my original triangle count will work here.
FTX liquidity issues are likely going to cause some short-term panic over the next few weeks. As prices go lower we could see other companies running into liquidity issues. Especially big BTC miners who hold large amounts of BTC and have been operating at a loss because of low BTC prices.
Chances are if this continues to break down, all my other bullish crypto charts will end up being incorrect and will need to be revised for lower prices. We likely won't see the beginning of a bull market until at least January starting from much lower prices. Break down is "confirmed" at 17k, which I think it is very likely we reach relatively soon.
FTX liquidity issues are likely going to cause some short-term panic over the next few weeks. As prices go lower we could see other companies running into liquidity issues. Especially big BTC miners who hold large amounts of BTC and have been operating at a loss because of low BTC prices.
Chances are if this continues to break down, all my other bullish crypto charts will end up being incorrect and will need to be revised for lower prices. We likely won't see the beginning of a bull market until at least January starting from much lower prices. Break down is "confirmed" at 17k, which I think it is very likely we reach relatively soon.
Trade closed manually:
Taking profits here because the market seems relatively strong. Will reopen if we can break December's low. Possible alternative count is in play now:
