Bear Case for BITCOIN In Progress!!!
From my August 9th post,
"Some things to know about a zig-zag pattern:
'Zigzag is a corrective 3 waves structure labeled as ABC
• Subdivision of waves A and C is 5 waves, either impulse or diagonal
• Zigzag is a 5-3-5 structure'
Wave B will be labeled by the public as a "bull trap". The target region of wave B is 48-50K.
If this scenario is in the play, it means that we still have one more wave down, in 5, wave C. This corrective wave can in fact take up the rest of the year, with a target of 20k. The catalyst for such a wave is currently unknown, however, it will include FUD for sure."
UPDATE:
-Wave B ended on 06 Sept '21
- Our Catalyst is now revealed: FED actions regarding tapering, interest rates, inflation... AND, Evergrande crisis (They held BTC which will be liquidated to pay off debts + defaults... Also Rumors (FUD) of ties to Tether, which can send shockwaves in the crypto market)
- Traditional Markets are on the brink of correction/crash which will bring Crypto down as well due to the positive correlation.
-Indicators turning down (Wolfpack, RSI)
- Wave C is currently in progress... I am still targeting an impulse target of 20K.
Invalidation if we break ATH (least likely)
Good Luck!
"Some things to know about a zig-zag pattern:
'Zigzag is a corrective 3 waves structure labeled as ABC
• Subdivision of waves A and C is 5 waves, either impulse or diagonal
• Zigzag is a 5-3-5 structure'
Wave B will be labeled by the public as a "bull trap". The target region of wave B is 48-50K.
If this scenario is in the play, it means that we still have one more wave down, in 5, wave C. This corrective wave can in fact take up the rest of the year, with a target of 20k. The catalyst for such a wave is currently unknown, however, it will include FUD for sure."
UPDATE:
-Wave B ended on 06 Sept '21
- Our Catalyst is now revealed: FED actions regarding tapering, interest rates, inflation... AND, Evergrande crisis (They held BTC which will be liquidated to pay off debts + defaults... Also Rumors (FUD) of ties to Tether, which can send shockwaves in the crypto market)
- Traditional Markets are on the brink of correction/crash which will bring Crypto down as well due to the positive correlation.
-Indicators turning down (Wolfpack, RSI)
- Wave C is currently in progress... I am still targeting an impulse target of 20K.
Invalidation if we break ATH (least likely)
Good Luck!
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