AlanSantana

Are We Still Expecting A Correction?

Short
AlanSantana Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
Why don't we ask the chart?

Good evening my beloved Cryptocurrency trader, how are you feeling in this wonderful new moon day?

What is the chart currently saying?

We have lower highs and almost three months of bearish consolidation; this we call the distribution phase in expectation of a major drop. All the bearish signals we visited in the past remain valid today.

The SEC approved a bunch of Ethereum Spot ETFs and yet the market failed to move higher. A major bullish development produces no bullish action and thus, a strong bearish signal. (When positive news fail to push prices higher; this is considered negative.)

We continue to see lower highs with decreasing volume for Bitcoin —BTCUSDT— So we can ignore everything else and keep it basic on this chart.

There is some information though that might be useful to you now, so let's get to it.

➖ Bitcoin's latest bullish wave latest 479 days (16 months).
That is from November 2022 through March 2024.

According to professional traders and experienced market analysts, a bearish wave tends to unravel much faster than a bullish wave; They say that the duration of a corrective bearish move tends to happen 2-2.5 faster than the duration of the bullish wave.

If the bullish wave lasted 16 months, then we can expect the bearish wave to last ... You do the maths.

Why would a corrective bearish wave unravel much faster than a bullish wave? Good question.

When the market is rising, people are buying, slowly but surely, building up a position and enjoying the market and profits as everything grows. This is not the case when the market turns.

When a correction happens, people either prepare in advance or sell when they realize that the upward potential has been exhausted. So instead of "building a position," when the majority of players realize that the wave is over they tend to close the entire position, and thus the down move can really speed up, and that's why the down move is faster than when prices grow.

We let the market do its thing.

I will be back with you soon and I will be sharing thousands of charts, literally, and I hope that I can count with your amazing and continued support.

Sorry for the wait.

Thanks a lot for your patience.
You are all so very loving and kind to me, it is great to be back.

I truly appreciate you.

Namaste.
Comment:
We have the start of the breakdown... Bitcoin is now trading below multiple moving averages on the daily timeframe with a bearish volume breakout.

The daily candle closes within minutes and this will confirmed the bearish wave.
This can be the beginning of a major crash toward 20/30K.
Comment:
➖ 10B Mt Gox BTC for sale...
➖ 20/30B for sale from Spot ETFs and,
➖ some 10B from retail... = below 30K.
Comment:
Ok folks, I think it is imminent now. My spider sense is telling me that the next major move can start today (Monday), but we allow 1-3 days when making these predictions as they always tend to be too early.

There was a dynamic developing recently where the market would start to move on Tuesdays rather than Mondays. For example, if the market was to move down this move would start right at the beginning of the week, many people became aware of this dynamic so things changed and the resumption of the trend would happen on Tuesdays rather than Mondays; this is the dynamic that I belief is likely to fail this time around... It is possible that the start of the move that will produce Bitcoin's new multi-month low starts this Monday 17-June 2024.

I am sharing this with the intention so that you prepare yourself, this is a move that has been in the making now for the long-term. More than three months in the distribution phase. We are facing the barrel of a major capitulation, it won't be pretty but it will be exciting and those prepared can protect themselves and even profit from what is about to happen.

I will start to publish more in-depth and frequent updates now.

I am truly grateful for your support.

Alan is writing for you.

Namaste.

Comment:
100% bearish action since sharing this trade idea.
Bearish momentum continues to build up... It starts low, doubtful but when it moves, it moves really strong.

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