The crypto markets have been completely hammered as of late. Volume has completely dried up and there is very little volatility, despite massive spikes as massive players move whale sized amounts around. This behavior gives rise to the onerous 'Bart Simpson' pattern.
At first, it did look like we were out of the woods some time around April, when markets picked up slightly. But this was just a brief respite from the massive onslaught of sell orders to come. Today looks no different we appear to be seeing an inverse head and shoulders pattern in the making with Bitcoin short positions. If this breaks, we can expect to see BTC come very close to breaking down through a vacuum zone. If that happens, we could see $5K or even $3K Bitcoin very soon. The Elliott Wave analysis is dangerously close to turning bearish for BTC as it has for BCH, XLM, and even ETH.
I'm certainly not a crypto bear. I've been around cryptos long enough to know that these things move in cycles, and this is very reminiscent of prior crashes that happened in 2012 and 2015. Although my long term outlook is bullish, crypto bulls should buckle up and wait for better prices.
At first, it did look like we were out of the woods some time around April, when markets picked up slightly. But this was just a brief respite from the massive onslaught of sell orders to come. Today looks no different we appear to be seeing an inverse head and shoulders pattern in the making with Bitcoin short positions. If this breaks, we can expect to see BTC come very close to breaking down through a vacuum zone. If that happens, we could see $5K or even $3K Bitcoin very soon. The Elliott Wave analysis is dangerously close to turning bearish for BTC as it has for BCH, XLM, and even ETH.
I'm certainly not a crypto bear. I've been around cryptos long enough to know that these things move in cycles, and this is very reminiscent of prior crashes that happened in 2012 and 2015. Although my long term outlook is bullish, crypto bulls should buckle up and wait for better prices.
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