In my previous post, I alerted readers that Bitcoin broke its triangle over the week end and that a dangerous decline could ensue. This is pretty much what happened: Elon Musk, Donald Trump and the DOJ/randomware news sparked the latest downtrend that seems to be accelerating. I also told there are two possible scenarios: 1) the fifth wave becomes truncated and price stops the downtrend at 30K (fuchsia line), 2) the fiftware wave goes all the way down to touch the blue channel support below 20K (purple line) .
The amount of speculation that happened in the crypto space over the previous months is very reminiscent the high tech bubble of the 2000s. When Paris Hilton, your/my grandma is talking about it and a bunch of sh!tcoins like Shiba Inu and Dogecoin exist, things can only go awry shortly after. For this reason, I think a severe correction is more likely to shake off the irrational exuberance off for the time being. I remain open to the idea that the 30K level may hold, but there is no way the bull market will resume anytime soon.
Let's keep watching the downtrend for now.
The amount of speculation that happened in the crypto space over the previous months is very reminiscent the high tech bubble of the 2000s. When Paris Hilton, your/my grandma is talking about it and a bunch of sh!tcoins like Shiba Inu and Dogecoin exist, things can only go awry shortly after. For this reason, I think a severe correction is more likely to shake off the irrational exuberance off for the time being. I remain open to the idea that the 30K level may hold, but there is no way the bull market will resume anytime soon.
Let's keep watching the downtrend for now.