I Admit It, I Was Wrong But... Bitcoin Going Below $40,000 Next!

Sep 27

Only one question remains, how far down will it go?

The 2024 Bitcoin Capitulation event is basically confirmed, it is getting very close now but, we have one question, still one more... How far down will it go?

Yes! I said Bitcoin would crash late September with a specific date of 17-21 September.
I was wrong. But, it is still going to crash.

Say the crash starts on the 27-29 of September... So that is a delay of 10 days... It is only a few days; literally, can't be 100% exact and it is still the same month, September.

Anyway, the bearish bias has not been nullified.
The bullish potential has been exhausted.

👉 Bitcoin is going down.

We have mainly two levels to consider, the 2023 long-term accumulation range, which sits around $26,000 and $32,000 and the January 2024 "baseline" level, which sits around $40,000.

The latter, $40,000, is the easy target and sure to hit.
The former, the 2023 accumulation range, we have to wait and see.

What is your opinion about this?

Feel free to leave a comment.

Namaste.

Sep 30

Trade active

Bitcoin closed green for three weeks. This only happened once after the March 2024 and it signaled the start of the next major down move. Three weeks is a long time for a pull-back. The pull-back has no volume and we are seeing red today. It is likely that this price bounce is over, ending in a lower high compared to 29-July and starting the next down-wave. Get ready for lower.

Namaste.

Oct 1

Comment

It is moving lower and the bearish bias/potential is only intensifying.

Oct 1

Comment

Notice today's session has an upper wick and this is signaling lower prices. There is a rejection at the EMA8 & EMA13 resistance lines:

I don't know why people are bullish here, so far we have a lower high compared to 29-July, the major resistance level were Bitcoin only lasted 15 minutes (literally) above 70K and crashed, and we also see the daily action moving below MA200.

Oct 1

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Notice the daily RSI triple-top, double-top, resistance... Trending straight down:

Oct 1

Trade active

The daily MACD is trending down, strong.


Notice the resistance. It is already trading below the July 2024 and May 2024 resistance lines. There is a rounded top and pointing down.

Both times in the past this signaled the continuation of the bearish move.

Oct 1

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Volume is rising, the highest since 11-September (4H timeframe). Bitcoin moved below EMA89, EMA55 and the other EMAs. This is all pointing lower.


There are clear top signals everywhere.

Oct 1

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If you would like to talk about Gold in relation to Bitcoin, look at the DXY, it is going full bullish now. Strong bullish breakout (daily) and bottom pattern being formed for weeks.

As the DXY goes up, Bitcoin does down.

Oct 1

Comment

The daily rejection is also happening right below MA200:

If Bitcoin closes daily below MA200 prepare for a 5,000$ crash.