The last two major parabolic moves by both BNB and BTC finished with a big o'l ABC, and a long a** Bear market. We're seeing the exact same thing playing out right now.
With 5 down 3 up since the Apr/May '21 dump, it's probable (in my eyes) the we're headed for another 5 down... maybe as low as 28k... maybe lower?
Just take a look at the last two events. Both times the price eventually retraced to the PREVIOUS formation 's low point, or there about. That would mean that this time around could take us as low as $7700, which is approximately at the 161.8% extension of the current AB.
I'm not sure that 7k is a reality at this stage, but 28k is plausible.
This is all assuming the current move stays below the 100% extension of the Jul/Aug/Sep movement, of course. In other words, the AB of the B needs to stay below $63,715, or i'm toast!
This is my first year of trading, and my first tradingview post, so we'll see how it goes!
@bL1TZZ, Fair enough too. Thanks for the comment :)
Always a huge possibility that it just goes nutz on the news again... I'm so much more skeptical this time around though. The last 2 times, the same hype happened at the exact same time. Everybody was calling for vertical movements over and over, but the market simply couldn't sustain it. Crypto is nutz anyway (behavior wise) but the top coins seem to be behaving more and more like other leading global assets these days. I think it's the institutional players making the difference. Large scale trade automation makes everything behave in the same 'self fulfilling prophecy' kind of way, as far as TA is concerned. It's hard to be right often enough to make a profit, but learning TA basics has helped me see the causality and order of things a bit clearer. Best to keep our options open though, right!? lol
bL1TZZ
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@syncro23, Absolutely, we can be at 100k or 20k in a week's time with the same likely hood, gotta love the nature of this bipolar space!
I agree 100%, Smart Money/Market Makers /Whales/Composite man etc, make all the difference without a doubt. We just fill in the gaps. We can believe in months-long support/resistance, but a single entity smashes either like they never existed, so it's very hard to be right most of the time.
Why I believe we may still have more upward price action, is because those same players were most likely reaccumulating during the 40k areas, just like they did in the 27-29k areas, so it's in their best interests to push price action as high as possible before they dump for max profit, then initiate a panic sell filled with extreme fear, they will then reaccumulate and rinse and repeat.
Keep up the good work mate, lots of effort put on those charts so well done :)
syncro23
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@bL1TZZ, Looks like you might be right... Won't quit my day job just yet eh? After a new ATH there's GOT to be a reversal of some description coming soon though, surely!