Ok guys... I won't tell you what to do here... but I am willing to bet the Bitcoin Correction (Down), will begin this week... maaaaaaybe next.
I will not be surprised to see $51k BTC or LOWER... within the next four (4) weeks.
REMEMBER: WHEN BTC GOES DOWN - ALTS GO DOWN HARDER (SPS, Bonk, Shib, Doge, etc)
Again - anything might happen (there's 3 options really):
Bitcoin Up
Bitcoin Down
Bitcoin Flat
However... the chart patterns suggest we go down from here for at least a short bit...
Take a look at the photos I have provided and here's what I see:
Photo 1 is the 4 Hour Chart with my Support & Resistance Levels laid out... Yellow is the previous ATH of $69k (nice).
We rose above that briefly to $73k-ish and I saw plenty of people getting excited about "breakouts" and "price discovery" and all that (you know who you are).
The salty Crypto Vet that I am saw this and said: "Stop Hunt", wait for the retest of $69k before shoving all-in... sure enough we dipped under it... massive liquidations took place on overextended longs...
Now... here's what happens next:
We failed the first retest but somehow have managed to rally for a second... (n00bs to the slaughter).
If we don't punch through $69k TOMORROW... we will probably be in free fall by the end of the week...
Moving ahead to Photo 2:
This is the Weekly Chart for Bitcoin in $USD... that means each colored bar Red/Green, represents 1 Week of trading prices.
You see that circle... The Big. RED. CIRCLE...
That candle, if confirmed today, happens very frequently in Stocks/Commodities/etc and it is called an "Evening Star"...
It is a Bearish Reversal Pattern Indicator... which means:
We've being going up for a bit... some people (Institutions) are going to get wise and take profits... which will put more selling pressure on the market than buying pressure...
This typically causes the price to go DOWN... Since they were going UP (Bullish)... and then they start going DOWN (Bearish)... if you can't see how that earned the name "Bearish Reversal Pattern"... please... just give your money to my good friends Daniel Colston or Adam Dyer, Senior Partner at New York Life: Roanoke General Office and let them manage it for you...
Now... back to the photos... in Photo 1 we see a retest of $69k coming and honestly not a lot of strength in it... in addition we are struggling at the Mid Bollinger Band and I doubt we break through it...
In Photo 2, the big Red circle is indicative of a reversal on the Weekly Time Frame... and we are WAY over the Upper Bollinger Band & the RSI is extremely Overbought...
Photo 3: The Monthly Candle...
This Candle structure is highly indicative of a Stop Hunt and/or the price overextended and is failing to maintain its level...
The Monthly TF also shows we are way over the Upper Bollinger Band plus the RSI was Overbought too.
Photo 4: what looks like someone smeared a Rainbow colored shit all over my photo... this is the Fibonacci Retracement (Actual Wizardry).
It suggests, should there be a Correction... the probable price areas where it may turn back upward or "bounce" would be:
First stop: $61,500
Second Stop: $45,000 or so
Finally: $31k with a possible "wick" or FLASH drop to $29k and back up to $31k+... I will do unspeakable things at this price level to buy EVERYTHING ON THE MARKET should we reach it...
Again - I'm not going to tell you what to do with YOUR money... But I will tell you what I am going to do with mine.
When I am done typing, I am going to load my account with the usual weekly dollar amount for my DCA Strategy...
I will take 40% of that and convert it into Splinterlands cards for my account
Here's what is different than my usual strategy... I am going to hold the other 60% in reserve, in CASH... instead of immediately snapping up my weekly Crypto Investments...
I want to see what happens this week and I'll go from there...
This information is FREE for you... and I don't give financial advice... BUT... I do share what I am doing with my money... and you can do what you want, with that info...
Again, please remember: ALTS WILL DO WHATEVER BITCOIN DOES... BUT BIGGER... HARDER... and... wait... where was I going with that... YOU GET THE POINT RIGHT?!?!
Cheers 馃嵒,
