Short

BTC SHORT From 46.4K !!!

Updated

We are clearly having a ABC correction after wave 5. We had a perfect 1-5 downward correction for wave A, Now we are at the end of wave B, and the target for C wave are 61.8%, 100%, or 123.6% of wave A. Please feel free to correct me if you don´t agree with my TA. Thanks!

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Good day everyone. I have Recently looked closer at the chart, and I noticed that after the first wave up until 2011. Btc had a the regular 5 wave up, and had a abc 1,2,3,4,5 wave, so that invalidates that first part of bitcoin history as being a wave 1. Now my first chart plotted with waves 1 thru 5 I still believe they are right, and the Laast Bull market was indeed wave 5. Now One thing I noticed is that by the books, a wave B of a ABC wave down does not have to be lower then the inicial A wave, or the top of 5 Wave. It just needs to have the characteristics of C wave having a 1,2,3,4,5 waves on the way down! So I do Believe now that we are actually in a Wave 3 uptrend of a New 1 thru 5 Bull Market! Being only in wave 3 minor of a major wave 1!

I will be posting my new Idea, Check it out!

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Please research 3-3-5 pattern for ABC correction, It can likely have happened at the top, and we got a 1 thru 5 down pattern on the bear market, that would invalidate this, but for now, still looks like a wave B of a bigger correction

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Made an Update, most people can cry all they want, go with what the market gives you, be it a long or a short. If from this supposed wave 3 up we get a violent downtrend bellow the 61.8% retracement, you can bet we will start a wave 1 trhu 5 down trend. IF, anf IF we get a ABC correction from wave 3, then the market will continue!

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Here is the Liquidation Heat map for BTC, you think Exchanges could make alot of money if price retraces fast and liquidates all these longs? postimg.cc/CZ0NGSmG

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Look at all the GOV laws against crypto! Any one with a mining rig in the USA would need licenses just like a trading firm! Is this bullish for BTC? cnbc.com/video/2023/12/07/sen-elizabeth-warren-pushes-update-banking-laws-include-crypto-crypto-world.html

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Alot of people thinking I´ve opened a short position. But I have not opened any position yet. I´m still long for BTC and will only short once I see a wyckoff distribution pattern with a reversal.

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People asked what could be the catalyst for such a bearish prediction. For one, the Dollar Index has broken out of a falling wedge, and it´s on a uptrend channel.

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Second is Elizabeth Warren pushing for new banking laws, that could require any one with a mining rig to be susceptible to licenses just like a trading firm. They are saying North Korea uses crypto to fund missile technology. That Hamas uses crypto for funding etc cnbc.com/video/2023/12/07/sen-elizabeth-warren-pushes-update-banking-laws-include-crypto-crypto-world.html

politico.com/newsletters/morning-money/2023/10/18/elizabeth-warren-takes-crypto-fight-to-biden-00122147

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Third would be a ETF Denial

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I truly believe we are in a left translated cycle, and we will come to retest the bottom of the box to later get a wickoff spring at the bottom of the box to start a new supercycle.

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If you understand anything about supply and demand, effort vs result. You will be able to understand what information these body candles and volume bars are telling you. Very little supply came in, and the result looks daunting!

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Global money supply vs BTC price. When M2 supply decreases. So does Bitcoin.

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Good morning everyone. Another update. Today We will be looking for past events that were like the one we are living now about this ETF hipe. We had many events prior that were "buy the rumor, sell the news" type of events, and I´ll just mention a few. and post charts to compare to our current btc price.
First we have the CME futures announcement that was on 31 OCT 2017.
cmegroup.com/media-room/press-releases/2017/10/31/cme_group_announceslaunchofbitcoinfutures.html

Then on Dec 1st 2017 we got a date of CME futures release at 18th DEC 2017
cmegroup.com/media-room/press-releases/2017/12/01/cme_group_self-certifiesbitcoinfuturestolaunchdec18.html

After its release, this is how the market reacted!

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On June 5, 2021 President of El Salvador Nayib Bukele announced a bill to adopt bitcoin as legal tender in El Salvador. The government of El Salvador purchased ₿400, worth about $20.9 million at the time, on September 6. On September 7, 2021, the Bitcoin Law came into effect and bitcoin became legal tender in El Salvador, making it the first country in the world to do so.

The very next day BTC started to fall, and for the next few days it fell 23%

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In early Jan 2021 there was news that Coinbase would have an IPO. The news mentioned that in April 14th 2021 the IPO would go live. Soon after Coinbase IPO, BTC fell 54% in the following coming weeks.

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BTC hit the 105% retracement level for wave C and has not been able to break above it. OBV shows distribution thru out this whole bull market.

silva1320

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