Most bearish we've seen BTC in a while. Daily TK cross over on the cloud, breaking Kijun support 3 times on the daily, currently struggling to make it past cloud resistance. Left hand side shows a likely trajectory of BTC pulling a bull trap, hitting resistance, then down to ~8k mark.
8k BTC - anytime the market hivemind thinks btc will hit a price, it just doesnt.. TA would suggest a buy between 7800-8300, I would put 8300 as my lowest buys.
Good luck, let me know what you think, lets see how this plays out.
What do you predict on the wave after that? And then after that - 4000?
DOOM_
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@philipjterry, Waves arent my forte, as much as it should be. Wont rule 4k out of the realm of possibility, however, have not plotted for anything lower than 6.1k (even this is highly unlikely given the state of crypto markets), due to how unlikely that level is.
philipjterry
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@DOOM_, why is that highly unlikely, it would be in the best interest of institutional traders to bottom it out as much as possible before jumping in hard and heavy...
DOOM_
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@philipjterry, As you know, anything can happen in the markets. Show me your reasoning for 4k BTC from both a fundamental and technical standpoint and we can have an educated discussion.