Bitcoin Still More selling ahead
Updated
If you've been following my ideas or part of any of my groups you'll see(know) weve been short on bitcoin for a while.
This isnt to take away from what we think Bitcoin is or where it will go over the next 10-20 years, just that as of now we are big bearish and think Bitcoin like much of crypto keeps printing very bearish markers.
With this recent update to keep things clean and simple. Theres the obvious double top we've formed followed by a bearish pennant and now a bear flag.
All bearish (selling) continuation patterns.
This is happening at the bottom of the bullish channel with a very weak 20k price acting as support.
Next move down should take us around 13k before we see some bullish activity step back in but ultimately 10k before we get some real buying for a while.
Considering the break of the uptrend channel I wouldnt consider 10k the floor of bticoin and still see a very likely and probably sub 5k before the bottom is actually in. Even if we violate this bear flag theres still so much dominant selling pressure we would still most likely see lower prices.
Bearish til 10k then buying at 10k is my plan and continue to dollar cost average for lower prices.
This isnt to take away from what we think Bitcoin is or where it will go over the next 10-20 years, just that as of now we are big bearish and think Bitcoin like much of crypto keeps printing very bearish markers.
With this recent update to keep things clean and simple. Theres the obvious double top we've formed followed by a bearish pennant and now a bear flag.
All bearish (selling) continuation patterns.
This is happening at the bottom of the bullish channel with a very weak 20k price acting as support.
Next move down should take us around 13k before we see some bullish activity step back in but ultimately 10k before we get some real buying for a while.
Considering the break of the uptrend channel I wouldnt consider 10k the floor of bticoin and still see a very likely and probably sub 5k before the bottom is actually in. Even if we violate this bear flag theres still so much dominant selling pressure we would still most likely see lower prices.
Bearish til 10k then buying at 10k is my plan and continue to dollar cost average for lower prices.
Note
Still holding the bear flag structure. short term next move is back to 18k
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