Feels like the bleeding is almost done (unless some crazy black swan event happens).
Another test and hold of 40K will set us up to break overhead resistance and begin another push upward. I'm not so perma-bull to call new ATHs anytime soon, as the EW wave count was just obliterated by that punch sub-52K, but another test of $60,000 range is likely in the coming months.
Always play devil's advocate to yourself and be prepared for a contrarian move, but given MANY indicators (2D MFI, extreme fear, 2 month+ sell-off, dwindling exchange supply, etc), it's very possible green lights ahead.....
@FudBox, back to my original thesis from end of December. That rejection off $43,500 at trendline seemed too aggressive for me, exited 100% at $41,700. I think we can plunge sub-30K from here:
FudBox
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@GunMoney, Nice work getting out. I've been sitting on mostly Tether for a while. The last flash crash brought good gains and just added to the stash. Been adding more alts into this carnage and will HODL even even if we flash wick back to the garage days.
FudBox
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test 40k, short squeeze to 44-45 then down as people dump to cover their 37% actor known as biden cap gains taxes . . then eventually up . . or zero because Iran nationalizes it and everyone trading BTC gets labeled a terrorist and THEN and it goes to zero (as Dan Pena said it could).