Good day Hiveians!
Join me in analyzing the crypto markets!
I want to give you a different view on the market happenings
In the last post I said that we have to wait for a confirmed outbreak to the top or bottom. With a 10%+ surge in the price of bitcoin this has just happened. And once again it seems like the big institutions are at play:
According to the news website City A.M., an “insider” has confirmed that Amazon is “definitely” looking to launch Bitcoin and crypto payments by the end of the current year. In addition, the e-commerce giant could launch its own token by 2022.
Is this the "Musk Rally" all over again, but in a different reincarnation that I'd like to call the "Bezos Rally"?
I think so. And I think this is how it's going to play out:
The simplest reason I can give you why I still think a correction to 23k is likely is time. As previously outlined, a run up to the market top now is premature.
A macro correction always takes time as well, and there is always a "B" wave running up fairly close to the previous high. Also note the blue trend lines from which price always has so far bounced off of. I still maintain that the finer blue line on the right side of the chart will be the resistance and ceiling of the "B" wave.
It has so far always peaked between the green-blue area. This would give us 45-47k in the next days/weeks.
The macro correction would therefore still be in play:
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!