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This consolidation could be the catalyst that pushes Bitcoin over the cliff and into the deep volume well, which shows no support until 4200. There is no hope for Bitcoin until it crashes.
Where it will stop no body knows, however this Bear Flag is bigger than most, so I suspect the next move down will be commensurate with that. The Volume Profile shows a huge volume well between 5700 and 4200, I suspect a wild ride if price enters that zone.
So, we continue down, stepping down to each successive Volume Node, slipping through Volume Wells. The ultimate low is much further down, 4200 is the target, however there's evidence that this market could go lower in a flash crash later in July.
I'm not saying my way is the only way, I'm just saying volume is the only logical way because it reveals what actually happened in the market, it's not a derivative or some theory, it is what actually occurred.
The dark blue path is my hypothesis or SWAG (Scientific Wild Ass Guess), the magenta path is the crowd think. Perhaps both get to the same point, the G20 FATF report on Regulation, which IMO will be a bust, and start a huge downslide in the entire cryptoverse...which hopefully will spell the demise of at least 2,500 crypto coins of useless merit and the beginning ...
The whales and miners and exchanges tried to put Humpty Dumpty back together again. A 3-Line Strike is ominous, and the volume profile shows little support until the 5700 level.
In afct, I think Bitcoin will settle there for a while and try to find a temporary home, auction back and forth, and then drop to 7100...I will be producing followups and YouTube videos explaing the bigger picture, which includes a July crach in Bitcoin and the cryptomarket
The bear flag has been compromised, developing another bear flag in a smaller timeframe below the pictured one, which further increases the chance for an accelerated drop in price. Subscribe to my YouTube for further analysis.
Bear flag looks to be realized soon, support from low volume well.
The daily chart shows a massive bear flag, supported by targets in the Volume Profile.
Intermediate targets of 8450 and 8100, then full realization to 7100
I predicted this countertrend rally and target and the balance outlined by the blue triangle back on March 29th. Actually announced internally to my Discord group much earlier. It appears the next major target is 5700 unless something magical happens in the crypto world.
The consolidation continues as we forecast. I believe with all the fervor and misinformation transmitted over the death cross, there will be a small counter rally before Bitcoin heads lower.
Bitcoin is in trouble, miners are no longer profitable, death spiral looms. The ONLY thing it has going for it now is branding, and that's deteriorating fast. People don't care if it's censorship free if its value keeps dropping. Regulatory resolve seems too far away, shitcoins are leaving an indelible mark on the industry.
Looks like we consolidate now until there's news to push Bitcoin up or down, more likely down considering the larger trend. So, while the last leg of my forecast may have occurred a day or two earlier than I drew on the chart, still it seems that I nailed it...or should I say that Volumetric Analysis nailed it? With this type of analysis I'm able to draw a precise ...
Please check my previous posts to show how closely Bitcoin is following my forecast. I'm not saying I'm a fortune teller, just my analysis of volume and the probabilities. Bitcoin continues its search for value in the low 8000s to upper 7000s. I believe ultimately in the current move we can see readings as low as 6500, perhaps even reaching the previous low of ...
I drew this chart over a week ago, let's see if price continues to follow the pattern outlined. Bitcoin fades as uncertainty in its future does not change. Until there are answers to the regulatory puzzle, Bitcoin will continue to fizzle away. The other downward pressure has to be the Bitcoin being dumped on the market from Mt Gox. There's also the suspicion that ...
Until regulatory issues are settled or at least addressed, the US market will be unfriendly to new crypto investors. Bitcoin needs new investors in order to rise, and without this, it will fall. As soon as this all cleared up, and there are more credible ICOs emerging, Bitcoin will move up sharply. The pattern I show is very indicative of a post bubble deflation ...