Good Saturday Tradies.
Buckle up and gear up for the next possible crash. All signs are pointing south.
A DIFFERENT PERSPECTIVE…
It has completed 3 super waves – meaning we are in the corrective phase of the super waves. I am of the believe that the recent uptrend was part of the corrective wave.
– MAs are all moving downwards (per my previous analysis).
– It has started moving out of the high NVT signal downwards.
– 314 MA has started moving downwards. If the 200 MA starts moving downwards with it (which it will if BTC goes south) => then its crash time!
The only saving grace for BTC will be if it levels out here for consolidation over the next few months – which if it is in the corrective phase, it won’t. In this scenario, the MAs will cross back over and it will either keep on a flat corrective pattern for a long period or it will slowly start moving up again but only if it pulls its arse out of the overbought NVT zone and moves into the lower half in the buy zone (hallelujah for parabolic lovers). Looking at the NVT ratio, it is highly unlikely it will move north right now.
If it does level out then starts to uptrend, the only best time to buy in would be when the MAs cross back over.
If it doesn’t level out (and goes south)…
FIRST STOP: 7800-8100 mark
At best, we will reach the 3500-4500 mark.
At worst, well, you can see from the chart. I don’t want to jinx bitcoin, though I highly doubt it will get to that mark.
My thoughts are around the 3500-5000 mark.
The whales have had their fun. Now its time for short term traders to benefit from FOMOs. 🙂
(Possibly bye bye moon….for now…)
What goes up must come down.
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Trading View link: https://www.tradingview.com/chart/BTCUSD/1Er7WnWI-Are-We-Ready-for-the-Big-Bitcoin-Crash-A-Different-Perspective/