Pivot Point December
We failed to make 100k+ for December as the market needed more time to churn and consolidate in this pretty obvious ascending triangle to the upside. Will we see 200k+ pivot December in 2022? If we consolidate for a lot longer then chances are on a big YES to make a market blow off top and the beginning of the next bear market.
If this scenario plays out it will give alts a lot of time to have their wave 3 while Bitcoin consolidates.
Side ways chop in this triangle will trap a lot of bulls and most of the not-so-experienced bears, which makes for max pain. Max pain makes a lot of sense because Bitcoin is a sadist.
Will we also see a pivot point in the June/July time frame? If you look back over time the dates aren't always as obvious as mid December but the middle of the year is usually a smaller pivot point too.
Present: Hold Alts
Mid year: Hold Bitcoin while it has it's wave 5 and alts have their wave 4
Mid December 2022: Sell BTC for USD and/or hold alts?
Early 2023: Possibly hold Alts for their wave 5? (risky, and for how long? Have an exit plan!)
If this scenario plays out it will give alts a lot of time to have their wave 3 while Bitcoin consolidates.
Side ways chop in this triangle will trap a lot of bulls and most of the not-so-experienced bears, which makes for max pain. Max pain makes a lot of sense because Bitcoin is a sadist.
Will we also see a pivot point in the June/July time frame? If you look back over time the dates aren't always as obvious as mid December but the middle of the year is usually a smaller pivot point too.
Present: Hold Alts
Mid year: Hold Bitcoin while it has it's wave 5 and alts have their wave 4
Mid December 2022: Sell BTC for USD and/or hold alts?
Early 2023: Possibly hold Alts for their wave 5? (risky, and for how long? Have an exit plan!)
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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.