Yet still it keeps creeping higher, despite these signs.
With all these institutional investors, do the normal market conditions even still apply?
Maybe such signs will just be completely ignored and BTC will burst through the to the upside.
Or these indicators will apply, as they did in past rallies, and point to a longer and stronger correction.
Currently we cannot know. I would put a slightly higher chance on the correction scenario, but who can tell what BTC is up to?
It would then be already quite soon at the upper end of the longterm trend channel, through which it will probably burst through for a while.
We will have to see how BTC will react at this upper resistance line, it will be important to determine how high BTC will go in this market cycle.
As a rule of thumb I'd say: The sooner BTC reaches high values, the lower these values will be. That's why I'd really prefer a longer correction, but we shall see.
I'd say 150-200k-ish if it breaks out soon, and 300k-ish if it does the longer drawn out correction.
I put the probability for a break to the downside a bit higher now, that to the upside.
The multiweek rising wedge has clearly broken now on a good dump. After all, as we said, the rising wedge is a bearish pattern, especially on falling volume and bearish Divergence in the RSI.
So it indeed looks as if BTC decides for the red curve.
BTC, you have chosen WISELY.
1. Peak from the previous local top
2. Middle weekly bollinger band
Also, it would give a nice 35% correction from the previous top at 65k. And we really needed that kind of correction, it was long overdue.
So then, 42k, then bounce, then some weeks of sideways, before we will resume the climb to 100k and ultimately between 200-300k in this cycle.
Long sideways now, until the next parabola is forming.
And it is there, as BTC crashed tonight with big sound. I am pretty sure, that this is not the end of this bull run cycle, BTC dominance still too high and the monthly RSI can build a second spike to 90 points.
Guess, we will get a consolidation now as described above until June, and then a bull run in altcoins and btc until autumn. Big time!
Yes, we'll see a multiweek correction and consolidation pattern now, it has started only a few hours ago as you correctly observed.
THe target I assume will lie in the 40k region.
Then a nice consolidation until summer, and then a second bullrun above 100k towards autumn, with the peak towards the end of the year :)
It couldn't have gone better.
Yes, I am also very happy that BTC decided to choose the red path.
It is a much better path longterm and will allow us to reach 200k+, excellent !
Good observation, I will make a post about XRP asap!
The decline in dominance is really interesting, and very much in line with how it happened back in February 2017, when the first big decline in BTC dominance began.
I think this correction is not over yet, the confidence in the market is still too high. A nice wick down to 40k would serve as a nice basis to fuel the next BTC leg up.
This whole structure here with BTC and altcoins plays out really similar to early 2017. So yes, a further BTC correction really is possible.