Bitcoin has been on a bull run since the COVID-19 panic sell off in March 2020 and Bitcoin is up over 1200%. US financial indexes (DJI, SPX) have begun to pivot off all time highs, and Bitcoin has found resistance at 60K.
Why the Bulls may be done
The past few months price action has been sideways, and has printed what could turn into Wyckoff Distribution. During a bullrun, price markup and accumulation continue until markup corrections break through previous support levels, and subsequently fail to generate new highs. If we break below 50K within the next week, that would signal a breakdown and smart money would exit their positions around 55K.
What's your Target?
A 50% correction brings the price of 1 Bitcoin back to 35K
A 0.618 fib correction brings the price of 1 Bitcoin to 28K
A 0.786 fib correction brings the price of 1 Bitcoin to 18K
What about 100,000K BTC?
Analyists, Traders, and even Creators of Crypto have influenced the idea that Bitcoin will reach anywhere between 100,000 - 350,000. Here's the good news... they're not wrong! Those targets could be reached and exceeded due to the limited supply of Bitcoin. Only 21,000,000 Bitcoin, and 50 million people worldwide whose net worth exceed one million USD. There will never be enough Bitcoin for every millionaire to own 1 BTC. Any correction we see in Bitcoin should be temporary.
Why the Bulls may be done
The past few months price action has been sideways, and has printed what could turn into Wyckoff Distribution. During a bullrun, price markup and accumulation continue until markup corrections break through previous support levels, and subsequently fail to generate new highs. If we break below 50K within the next week, that would signal a breakdown and smart money would exit their positions around 55K.
What's your Target?
A 50% correction brings the price of 1 Bitcoin back to 35K
A 0.618 fib correction brings the price of 1 Bitcoin to 28K
A 0.786 fib correction brings the price of 1 Bitcoin to 18K
What about 100,000K BTC?
Analyists, Traders, and even Creators of Crypto have influenced the idea that Bitcoin will reach anywhere between 100,000 - 350,000. Here's the good news... they're not wrong! Those targets could be reached and exceeded due to the limited supply of Bitcoin. Only 21,000,000 Bitcoin, and 50 million people worldwide whose net worth exceed one million USD. There will never be enough Bitcoin for every millionaire to own 1 BTC. Any correction we see in Bitcoin should be temporary.
Comment:
If we fall below 50K, this could be a simple retrace to the weekly 20MA at 45K or 50MA at 30K ... then we continue parabolic
Comment:
Don't try to catch the knife
Comment:
Wyckoff Distribution has printed within the past two months signaling a reversal
The LPSY rally this week was rejected at 56K, which is an exact 0.5 Fib rejection. Wyckoff says selling should intensify from here
Next Targets
45K
30K
The LPSY rally this week was rejected at 56K, which is an exact 0.5 Fib rejection. Wyckoff says selling should intensify from here
Next Targets
45K
30K
Comment:
As predicted, price fell to 45K, lost support, and completed the 50% correction to 30K. The days low is 29,640.
Comment:
Price is bound by the figures shown in the chart below. A break above/below the symmetrical triangle would result in a test of the parrallel channel. Support should be strong near these boundaries. The overall market is signaling a bearish reprieve from the euphoric bull run we've experienced over the past 12 months. In the near term, I would expect strong selling pressure for any move to the upside. Patience is your best virtue. Await a trend.
s3.tradingview.com/s...shots/o/oPfn1nIQ.png
s3.tradingview.com/s...shots/o/oPfn1nIQ.png
Comment:
Hit the the PLAY button!
Comment:
17K target hit
