According to Dominance Bitcoin and Ethereum, bitcoin whales need to make a dip correction to keep the price out of their hands so that they can have the upper hand again with the sharp fall of altcoins, just like they did in 2017-2019.
As I look at the chart, everythings says that a correction down to the range of 18.5 to 22 owes to the chart. Price Action says that the ATH of 2017 when it was broken, no longer pullback it, on the other hand, in the monthly time frame, I see Momentum also shows a severe weakness, and Elliott waves say the c wave of correction still remains.
Technically, it says that in the weekly time, we have Double Top and in the lower time there is constantly negative divergence and fibo extenions of top 64 and bottom 30 and top 52 in the range of 1 and 1.1272 shows the same price as 18.5 to 22.
On the other hand, when I come to time monthly on the BTC Index chart, I see something that I would like to share with you and know your opinion, which is that when we put a three-point fibo on each pattern, we see that in the first pattern the price has grown to 0.786, then it's modified to a range between 0.618 and 0.5. In the next flag pattern, it has grown to 0.707 and then modified to the range between 0.5 and 0.414 and has grown to 0.618 in the last flag pattern, and if it goes as usual, it will probably correct the range of 0.414 and 0.382, which will be the range of 19.4 to 22. (In this analysis, I lowered fibo percentages by one step compared to the previous flag fibo percentages)
On the other hand, these stories of Tapering and Macroeconomics have also lit a lot of alarms and can be an excuse for the bearish market.
I think after correcting to the area where I said the market is still bullish because the floor of the monthly canal is the same range and from there it can grow up to 100 to 150, so the strategy of increasing the btc reserves still stands only with the difference that it is unlikely that autumn will hit a new bottom and the chances of seeing the bottom 18.5 to 22 earlier than the new top is higher.
As I look at the chart, everythings says that a correction down to the range of 18.5 to 22 owes to the chart. Price Action says that the ATH of 2017 when it was broken, no longer pullback it, on the other hand, in the monthly time frame, I see Momentum also shows a severe weakness, and Elliott waves say the c wave of correction still remains.
Technically, it says that in the weekly time, we have Double Top and in the lower time there is constantly negative divergence and fibo extenions of top 64 and bottom 30 and top 52 in the range of 1 and 1.1272 shows the same price as 18.5 to 22.
On the other hand, when I come to time monthly on the BTC Index chart, I see something that I would like to share with you and know your opinion, which is that when we put a three-point fibo on each pattern, we see that in the first pattern the price has grown to 0.786, then it's modified to a range between 0.618 and 0.5. In the next flag pattern, it has grown to 0.707 and then modified to the range between 0.5 and 0.414 and has grown to 0.618 in the last flag pattern, and if it goes as usual, it will probably correct the range of 0.414 and 0.382, which will be the range of 19.4 to 22. (In this analysis, I lowered fibo percentages by one step compared to the previous flag fibo percentages)
On the other hand, these stories of Tapering and Macroeconomics have also lit a lot of alarms and can be an excuse for the bearish market.
I think after correcting to the area where I said the market is still bullish because the floor of the monthly canal is the same range and from there it can grow up to 100 to 150, so the strategy of increasing the btc reserves still stands only with the difference that it is unlikely that autumn will hit a new bottom and the chances of seeing the bottom 18.5 to 22 earlier than the new top is higher.