BitcoinShort
BTC 10 year corrective cycle?
Updated
Not financial advice
This is the life chart of BTC
You can see the trend break at 130.00.
And the current triangle we are trading in for the foreseeable future.
It seems we running through the decade corrective cycle of BTC.
I highlighted 29k as a peak before we could retrace back to 1000-1500 area.
In my experience without getting into to much reasoning. That would be a special class on its own. But some reasons I'll highlight.
First off we have a trading imbalance from 11-19k and we are filling in that trading imbalance currently
Gives me strong conviction for a drop to that 11k range.
2nd- we also have a futures gap at 8900.
Thirdly... The halving is overrated over 93% of BTC already in circulation.
The thrill is gone..
4th- law of diminishing returns.
Some bullish reasons currently
1- Fisher is bottomed at 4. This is historical bottoms and a indicator of past movements when Fisher hits 4 we turn around.
2- when everyone fearful and scared to buy. Path of least resistance is to go up.
So as it stands I can see a 29-35k number before the true shakeout.
I can't see the future but it's bleak as it stands
Keep in mind. I only post what I see and try to give what I can to the community
Stay safe and remember PIK
Patience is Key and
TLAW
Think Like a Whale
This is the life chart of BTC
You can see the trend break at 130.00.
And the current triangle we are trading in for the foreseeable future.
It seems we running through the decade corrective cycle of BTC.
I highlighted 29k as a peak before we could retrace back to 1000-1500 area.
In my experience without getting into to much reasoning. That would be a special class on its own. But some reasons I'll highlight.
First off we have a trading imbalance from 11-19k and we are filling in that trading imbalance currently
Gives me strong conviction for a drop to that 11k range.
2nd- we also have a futures gap at 8900.
Thirdly... The halving is overrated over 93% of BTC already in circulation.
The thrill is gone..
4th- law of diminishing returns.
Some bullish reasons currently
1- Fisher is bottomed at 4. This is historical bottoms and a indicator of past movements when Fisher hits 4 we turn around.
2- when everyone fearful and scared to buy. Path of least resistance is to go up.
So as it stands I can see a 29-35k number before the true shakeout.
I can't see the future but it's bleak as it stands
Keep in mind. I only post what I see and try to give what I can to the community
Stay safe and remember PIK
Patience is Key and
TLAW
Think Like a Whale
Trade active
Ad I put into my notes if you re read my post I highlighted the 29-35k range we would hit before the ultimate shakeout.Again I posted this in Dec. 19th 2022
9months later here we are. We hit 31800 and now we right back into this triangle of trading.
All expectations moving forward is for us to sweep the lows possibly.
Moves don't happen overnight as I always say.
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