Bitcoin is at a crossroad, but which path will it take? This will depend on you. Which will we see first, 10k? Or 100k?
I know I know, we want 10k so we can enter with minuscule risk and 10x our bags when we cross 100k, but that would be too easy.zzzz. Or would it? Would you buy a bloody Bitcoin that just crashed 50% from 32k to 16k? Easy yes you say? 50% discount easy to buy you say?
Then I suppose you would jump at the opportunity to buy a bloody Bitcoin that just crashed 50% from 64k to 32k? I suppose you already have.
Gold path is Wyckoff accumulation pattern, which seems is being followed pretty picturesque for now. green extended time frame, blue is most bearish sideways possibility
All paths lead to the same outcome, which is Bitcoin souring beyond 100k, only question is when.
We seem to have finished wave 5 down of the bearish impulse from 64k, but could still be in for an extended 5 (in blue on the chart)
It seems unlikely that we will go lower as this area has held for two months now with all the short pressure, but it’s possible we see an extended 5 wave down as far as 18k, I was looking at the 12k area a few months ago, but 30k, and especially under, has been bought aggressively so I’m leaning cautiously bullish towards 55k before a pullback that would likely bottom around 43k, which will have become our new support once we cross that magic number again.
Choose your destiny
Let me know in the comments; which path will you choose?
Professional entertainer, private investment management. DYOR, NFA. (If you don't know what those acronyms stand for, refer to the first acronym)
-Dharma Cat Pro