$BTC $9k-12k next
If we look at the chart from the bigger picture view, you can see that since the 2020 run up, we've just been consolidating in a range between 16k-73k.
Since price has tapped
73K, we've been forming a series of lower highs and I think we're about to see a large move lower.
The price action doesn't look bullish at all. Originally I was open to the idea that we see one more high. However, with the recent price action, I think my bearish view is about to play out. Even with todays move higher, we've just rejected where price broke down from last week and I think price is set to have a large move lower over the coming weeks.
While bulls are calling for new highs, and bears are thinking we fall to $48 K - 44 k, I actually think we're falling much lower down under 20k. Why? Because most people don't even think this is a possibility anymore and markets tend to do what causes the most pain to the most amount of people.
If you look on at the chart on the monthly timeframe, I have monthly sell signals between the RSI forming a triple bearish divergence, red heikin ashi candles, a sell signal on a custom indicator I use, and very little support under the 40k level. The chart looks like it's headed for a major crash.
That combined with all risk assets falling at the same time, I think we're going to see a massive unwind of risk. This has nothing to do with the fundamentals around bitcoin, as I'm a long term bull, it has everything to do with an unwind of leverage across risk assets. If we can get down to the box, that's where I'll be a buyer again.
What would change my mind? We start seeing higher lows being formed on higher timeframes (Weekly).
What goes up quickly, comes down quickly.
Let's see how it plays out over the coming months.
Since price has tapped
73K, we've been forming a series of lower highs and I think we're about to see a large move lower.The price action doesn't look bullish at all. Originally I was open to the idea that we see one more high. However, with the recent price action, I think my bearish view is about to play out. Even with todays move higher, we've just rejected where price broke down from last week and I think price is set to have a large move lower over the coming weeks.
While bulls are calling for new highs, and bears are thinking we fall to $48 K - 44 k, I actually think we're falling much lower down under 20k. Why? Because most people don't even think this is a possibility anymore and markets tend to do what causes the most pain to the most amount of people.
If you look on at the chart on the monthly timeframe, I have monthly sell signals between the RSI forming a triple bearish divergence, red heikin ashi candles, a sell signal on a custom indicator I use, and very little support under the 40k level. The chart looks like it's headed for a major crash.
That combined with all risk assets falling at the same time, I think we're going to see a massive unwind of risk. This has nothing to do with the fundamentals around bitcoin, as I'm a long term bull, it has everything to do with an unwind of leverage across risk assets. If we can get down to the box, that's where I'll be a buyer again.
What would change my mind? We start seeing higher lows being formed on higher timeframes (Weekly).
What goes up quickly, comes down quickly.
Let's see how it plays out over the coming months.
Note
34k next.
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