Looking back - crypto market is due for an actual correction.
Bearish ascending wedge is forming on monthly. A close below the bottom support line confirms a move to $18.5k.
Estimated timeframe - June 2022 tis year.
All crypto media has a bullish bias..
A lower low sometime in Q2 next year marks a failed macro breakout.
Target ~$20k seems reasonable.
Hedge if that happens.
Also I find this model quite accurate for BTC, it's a combination of a few models.
Price has reacted with high probability around these magic lines.
BTC failed to establish support after making new ATH.
It did try to flip and establish $58-59k as a base but that is now resistance.
BTC did a similar move back in 2020 right before going parabolic.
Still Bullish as long as we don't lose $40k.
- Perhaps the final alt season is incoming.
- Watch ascending triangle "neckline" for the next 2 years.
- The new neckline has a steeper downward slope, which means, the selling could be more volatile/deeper, %-wise.
Nice multi-week flagging structure ready to breakout.
New ATH is possible.
- Orange zone has to hold.
- We have to break out of the descending channel.
- Price might retest the negative trendline upon break.
Buy inside the Orange Zone.
Sell inside the Red Zone.