(Not financial advice)
Leave a comment please.
Once this bear flag breaks, the 1:1 target is ~41,000.
The price structure has turned bearish, Finally.
I'm highly confident in this one.
I'm not sure that Bitcoin believers have entered into the "Denial" phase, but I think that is next. See here if you don't know what I am referring to.
priceactionninja.com/wall-street-cheat-sheet-the-psychology-of-market-cycles/
Expect a large rally from 41k or somewhere around there.
That said, I don't expect 41k to be the bottom, UNLESS the Federal Reserve 180's and starts emergency QE programs. THAT is when Bitcoin bottoms.
Leave a comment please.
Once this bear flag breaks, the 1:1 target is ~41,000.
The price structure has turned bearish, Finally.
I'm highly confident in this one.
I'm not sure that Bitcoin believers have entered into the "Denial" phase, but I think that is next. See here if you don't know what I am referring to.
priceactionninja.com/wall-street-cheat-sheet-the-psychology-of-market-cycles/
Expect a large rally from 41k or somewhere around there.
That said, I don't expect 41k to be the bottom, UNLESS the Federal Reserve 180's and starts emergency QE programs. THAT is when Bitcoin bottoms.
Trade active
I've got a good update for you all since this post seems to be doing well. These paths seem sensible based on the current outlooks.
Honestly it could get more bearish depending on how completely F***''d the bond market gets, but we've just got to see how it plays out.
Note
Note
I think it would be silly not to buy crypto around that next bounce level and at least ride the relief rally just in case, but essentially do not get attached, and it it starts rolling over or if the structure is really weird and complex, expect the red path.Note
We could still get 1 more corrective rally up to 68.5k or so, but that would just be a better entry to add shorts/puts. Set an alert for $66,360. If we break down below that you will start seeing pain follow.Note
We got our corrective rally up to that 68.5ish level.It's possible we could screw around for another day or two, but if you are not short Bitcoin and want to be, you'd better get into a position before the end of this week. Most likely, this weekend is going to be a big News weekend. I short BTC by buying put options on MSTR. (Not financial advice)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.