End of ABC Bear Climb?
Updated
BTC has constantly surprised the market again and again with climbs after climbs despite bearish signals and it appears to have finally reach an ending point. There is only so much more it can go, probably to $11650 before crashing down, if not now. Unlike others who believe that the market has indeed recovered and we are off the moon, I remain bearish and I believe we are at an ABC climb instead of a new impulse 12345. But since BTC has yet to do its wave 4, there is no way to confirm which is playing out.
We are still waiting patiently for that pullback to happen soon (much delayed) and if it is just a normal pullback then we should expect BTC to get support at $9100 before moving on to wave 5. But if it goes below $9100, it will test 8k and lower in a impulse wave 12345 pattern that puts us firmly in a bear market. Either way, its a good short opportunity here for both the mid & long term. That is, provided that BTC does not surprise the market and break above $12,000 to clear bearish sentiment.
We are still waiting patiently for that pullback to happen soon (much delayed) and if it is just a normal pullback then we should expect BTC to get support at $9100 before moving on to wave 5. But if it goes below $9100, it will test 8k and lower in a impulse wave 12345 pattern that puts us firmly in a bear market. Either way, its a good short opportunity here for both the mid & long term. That is, provided that BTC does not surprise the market and break above $12,000 to clear bearish sentiment.
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The decline appears to have begun. 10800 served as a very strong resistance previously so once we break 10800 it should be the point of no return. Aka confirmation of continued downwards momentum. Tip Jar for fun
BTC: 16VhzB59twANDvinuWzGJqdNWor9b9Uym2
LTC: LgegoiHGwN8UmoobmSn69nrDU3fvjTuudp
ETH: 0xA21844A23d6C18384101E67313C1260449F5cbf2
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Congrats if you took a short =) Now to watch the rest of the game play out.s3.amazonaws.com/tradingview/snapshots/o/oJiF2cPh.png
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Bearish Conditions on the Daily Chart finally fulfilled. %K slow has finally revealed the hidden bearish divergence. The Stochastic RSI responded with a downtick after the last dump. The 2.5k BTC prediction is now one step closer to fulfillment. Nonetheless, it is still too far off to predict. We will want to see how $9100 and $8000 plays out, then decide if we should close the short or sell half and let the rest run. I believe all of you should already be in profit from your short, but remember not to be greedy. And to also move your stop loss down in order to secure profits =) Good luck & Enjoy the rest of the ride down! This has been a tough fight for the bears, good job!
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Well the previous timeline didn't play out very well, and BTC bounced from 10.4k only to test the absolute limit at 11650 and fail. Its amazing how accurate TA works, but the timeline is so random.The pivot point has been upgraded to $9300 and we want to see if price gets supported there.
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