Crash down to $5k, Accumulation for ~2 years, then $100k+ in '24
We are currently seeing a clear double top on the monthly time frame. If we were bullish we'd break through ATH with ease. If you study this exact common price action, you would know statistically we are going to trend downwards for at least a couple months (probably ~3m). I know this is difficult to hear and even for me I wish this were not the case, but we are here to make money and not make decisions from emotion and greed.
We are seeing a RSI and MACD bearish divergence on the weekly and monthly time frames. This to me is confirmation to go short. Bearish Monthly RSI Divergence has a 100% accuracy rate and occurred at 91.6% of Stock Market Tops (even though this is crypto not the stock market - still good to note).
Furthermore, we are seeing a bearish pinball candlestick pattern on the weekly, with the majority of this week following up with red, not just red, but red off of a head and shoulders.
I could care less if this gets dislikes (if thats even possible). Too many people are ignorantly going long which is apparent in on-chain data as we are finally seeing large long liquidations after many weeks. Not to mention the recent $130m liquidation from a single person trying to long ETH.
My point from all of this is to get the point out that I am seeing a lot of confluence of bearish events all happening at the same time and at a critical point as well.
HOWEVER. If we close above $60k before this monthly candle closes, that would be a sign that the bullish whales are stepping on the gas pedal and have not given up just yet.
MACRO PERSPECTIVE
Ultimate downside is ~$7k or the 1.618 fib retracement. If this happens we will see a 2 year Wycoff accumulation and a pump above $100k in 2024.
With all this said, this is just my opinion through intense research and analysis. I don't have a crystal ball.
I wish the best of luck to everyone. Feel free to comment below if you have any questions for me and comment below if you are interested in joining a newsletter where I share this type of analysis except much more detailed on a weekly to biweekly basis.
-mp
We are seeing a RSI and MACD bearish divergence on the weekly and monthly time frames. This to me is confirmation to go short. Bearish Monthly RSI Divergence has a 100% accuracy rate and occurred at 91.6% of Stock Market Tops (even though this is crypto not the stock market - still good to note).
Furthermore, we are seeing a bearish pinball candlestick pattern on the weekly, with the majority of this week following up with red, not just red, but red off of a head and shoulders.
I could care less if this gets dislikes (if thats even possible). Too many people are ignorantly going long which is apparent in on-chain data as we are finally seeing large long liquidations after many weeks. Not to mention the recent $130m liquidation from a single person trying to long ETH.
My point from all of this is to get the point out that I am seeing a lot of confluence of bearish events all happening at the same time and at a critical point as well.
HOWEVER. If we close above $60k before this monthly candle closes, that would be a sign that the bullish whales are stepping on the gas pedal and have not given up just yet.
MACRO PERSPECTIVE
Ultimate downside is ~$7k or the 1.618 fib retracement. If this happens we will see a 2 year Wycoff accumulation and a pump above $100k in 2024.
With all this said, this is just my opinion through intense research and analysis. I don't have a crystal ball.
I wish the best of luck to everyone. Feel free to comment below if you have any questions for me and comment below if you are interested in joining a newsletter where I share this type of analysis except much more detailed on a weekly to biweekly basis.
-mp