I know that 95% of the people that read this will hate me. This is the amount of people that are in profit at the moment. But i do it anyway.
In my last long term analysis I was way to bearish on BTC and crypto started a massive rally.... But is this rally sustainable?
Now is the time that nearly everyone that bought Bitcoin at any time since its creation is in a proft area and FOMO sets in. Is this healthy for continuous upside?
It seems like every shitcoin pumps like crazy for their final profit taking. It is the same procedure like in 2017 as BTC reached its ultimate top.
Now the B wave of the correction meets one of my resistance zones and it is time to do a new analysis on BTC....
I am pretty sure that we are in a massive ABC correction after a 5 Wave up-move from 0 to 20k. The question is how high we will go.... if we exceed the last high arround 20k i think that it is nearly impossible that we see any lower lows. But if bitcoin starts to correct here it is not out of the cards that we are going for a stop hunt to the downside. We have not created much order blocks on this last runup. The only important block is around 10k. If we close weekly candles below this area it is likely that we see much more downside.
I marked every important thing in the chart and now hate me ;)
How long do you expect this fall to take? 1 year? 2?
Fox666
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I have had this opinion for a year, but we still don't know if wave (b) has been completed. According to elliott waves, wave (b) can return up to 123.6% of wave (a) and still wave (c) can go below (a). It's an extended FLAT. I see this case as real on the S&P 500. If the BTC gets above 24k, it is likely that we will not get below 3100.
xcays
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I think B (13831$) and C(3941$) wave finished. And now we are in wave 1. Expecting wave 2 soon...
sfigus
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I hope you're right but i doubt that with all the hype due to PayPal and institutional Investors will go down even to 13k. Seems like they're buying everything they can. Nice charr, thanks.