While I am still convinced that we are in a bitcoin bullmarket, this doesn't mean that BTC is immune to large drops.
We can see a very similar structure here like we had a few months ago. This is another Wyckoff distribution pattern like back then, the peaks until now
have really the same structure, and also the RSI both times showed a bearish divergence, which we can also find this time.
The drop WILL come with a very high likelihood, but what we can't know is how deep it will go.
The most likely area of support is the 0.5 fibonacci level at the mid 30k area.
The lower it goes, the less likely it becomes, but we cannot rule out a drop to 20k, as insane as it sounds.
I don't need to do a separate analysis for alts, because mostly they just follow BTC, some pump more, some less, but if BTC drops now to the mid 30k's, then they will also drop, proportionally more of course.
So, challenging times are ahead. After that, a few months later, BTC will pump again and we will see new ATHs. This bullmarket is not over yet, but a shakeout will very likely happen.
We can see a very similar structure here like we had a few months ago. This is another Wyckoff distribution pattern like back then, the peaks until now
have really the same structure, and also the RSI both times showed a bearish divergence, which we can also find this time.
The drop WILL come with a very high likelihood, but what we can't know is how deep it will go.
The most likely area of support is the 0.5 fibonacci level at the mid 30k area.
The lower it goes, the less likely it becomes, but we cannot rule out a drop to 20k, as insane as it sounds.
I don't need to do a separate analysis for alts, because mostly they just follow BTC, some pump more, some less, but if BTC drops now to the mid 30k's, then they will also drop, proportionally more of course.
So, challenging times are ahead. After that, a few months later, BTC will pump again and we will see new ATHs. This bullmarket is not over yet, but a shakeout will very likely happen.
Comment:
Comment:
The drop has happened as expected and now we will most likely hit 37k:
Here is my first video:
youtu.be/nhhdIx6Am3Y