Sometimes you have to look to the chart with an open mind, and than you see things, nobody likes to see.
My main motivation for this chart is:
1. Bitcoin blockchain transactions are in decline (see blockchain info)
2. Bitcoin blockchain adresses in use are still below the 2017/2018 peak.
3. Bitcoin USD sent in blockchain still below the...
Looking at the charts I still believe we are in a correctional pattern.
Some people think it's the disbelieve phase of the new bull run, but i think the bear market was too short for that.
To me it looks more like a bull rally in a correction pattern.
The correction that we had from 20K tot 3K was a basic ABC from the 12345 impulse waves from 160 usd to 20K.
Both distribution patterns form at elliot wave point 5.
Retrace down to 61% of top to previous top and retrace up to 78%.
After that sideways consilidation and break down after distribution.
Yes the support of the 200 weekly ma is strong, but for how long, we will see.
1. Sharp drop
2. Broadening wedge (accumulation)
4. Consolidation sideways (currently) or wedge
5. Sharp pull back to a trend line
6. Uptrust to previous high
7. Continue descend
Hello friends, no long stories, I have this chart for some time and would like to share it today, because otherwise it will take maybe even more time, to get back to 1K.
All the moon boys should sell their coins.
NO BITS, NO BUTS just SELL. I have more things to do.
Don't sell your coins yet. The party is not over yet and we might just be warming up for a sharp pull up.
This move is called a spring or shake out.
It scares the hell out of all the loose hands and that's why it is in use.