ridethepig | BTC Waterfall
The question of momentum must be in some ways critical. The following diagrams show a breakdown of the previous position:
Play may now go on.... a counterattack from sellers is a bold move.
When major forces align and confidence in governments collapse, BTC comes down to a sort of hedge against the public sector. What I would highlight is the failure to break the previous highs with any meaningful force is very telling and sending alarm bells.
📍 "Selling their lives for the highest price" .... it is the classic death of unaware retailers.
So what is in play here? Well, $20,000 resistance is quite happy to hold, and yet after a few failed attempts the train is fully loaded. FinTwit are all over this like a rash, and it appears quite understandable for we all want to sell our coins for as much as possible !!!
Generally speaking, such a 5 wave "impulsive sequence" is typical and totally valid. The next chapter, a sharp retrace, seems a common occurrence as governments start to rush through their own digital currencies. We can expect politicians to become a lot harsher and more forceful with measures into 2021 and 2022 as the overwhelming reality of social programs failing hits home. Here looking for a complete retrace of the entire covid wave in the coming weeks and months. These are not the levels to build longs, those using FOMO as their weapon of choice will be punished.
Thanks as usual for keeping the feedback coming 👍 or 👎