Delusional Bulls will say 100k coming, I will say good luck
Updated
Delusional Bulls Will Say 100k Coming, I Will Say Good Luck
As we step into another week in the crypto market, it's essential to remain grounded and analytical, rather than getting swept up in the bullish hype. Over the weekend, we've seen a perfect bearish Wolfe Wave pattern emerging, and this is something that savvy traders should pay close attention to.
The Bearish Wolfe Wave Pattern
A Wolfe Wave pattern is a naturally occurring trading pattern that can predict either a bullish or bearish trend. The pattern we're currently seeing is a bearish Wolfe Wave, indicating potential downside ahead. This pattern is characterized by five points, and crucially, Point 5 has just formed.
Lack of Volume and the Trump Rally
One of the critical indicators of a market's strength or weakness is volume. Over the weekend, the market reacted to the news of a Trump rally, but this reaction came with notably low trading volume. This lack of volume indicates that the upward price movements are not supported by strong buying interest.
Critical Levels to Watch: 63500-63800
For those who are still bullish, there's a key level to keep an eye on: the 63500-63800 range. Unless Bitcoin can break and sustain above this range, the bearish Wolfe Wave pattern suggests we are likely to retest the lower 50000 range before any further upside can be considered.
Conclusion
While some may remain delusionally bullish, expecting Bitcoin to hit 100k soon, it's crucial to approach the market with caution and a clear head. The bearish Wolfe Wave pattern, combined with the lack of volume and recent price action, suggests that we should be prepared for a potential downside retest. Unless we see a significant breakout above the 63500-63800 range, the path ahead looks bearish, and a retest of the lower 50000 range seems likely. Stay vigilant and trade wisely.
Disclaimer: Always do your own research before making any trading decisions.
As we step into another week in the crypto market, it's essential to remain grounded and analytical, rather than getting swept up in the bullish hype. Over the weekend, we've seen a perfect bearish Wolfe Wave pattern emerging, and this is something that savvy traders should pay close attention to.
The Bearish Wolfe Wave Pattern
A Wolfe Wave pattern is a naturally occurring trading pattern that can predict either a bullish or bearish trend. The pattern we're currently seeing is a bearish Wolfe Wave, indicating potential downside ahead. This pattern is characterized by five points, and crucially, Point 5 has just formed.
Lack of Volume and the Trump Rally
One of the critical indicators of a market's strength or weakness is volume. Over the weekend, the market reacted to the news of a Trump rally, but this reaction came with notably low trading volume. This lack of volume indicates that the upward price movements are not supported by strong buying interest.
Critical Levels to Watch: 63500-63800
For those who are still bullish, there's a key level to keep an eye on: the 63500-63800 range. Unless Bitcoin can break and sustain above this range, the bearish Wolfe Wave pattern suggests we are likely to retest the lower 50000 range before any further upside can be considered.
Conclusion
While some may remain delusionally bullish, expecting Bitcoin to hit 100k soon, it's crucial to approach the market with caution and a clear head. The bearish Wolfe Wave pattern, combined with the lack of volume and recent price action, suggests that we should be prepared for a potential downside retest. Unless we see a significant breakout above the 63500-63800 range, the path ahead looks bearish, and a retest of the lower 50000 range seems likely. Stay vigilant and trade wisely.
Disclaimer: Always do your own research before making any trading decisions.
Trade active
So, this seems to be deviating from our expected trajectory. I've observed momentum pushing the waves beyond our preferred zone, but if it falls back within this zone, we can still consider it a valid wave.Currently, another bearish Wolfe wave appears to be forming on the 1-hour chart, bringing us close to the resistance at the top of the wedge. This will exert more pressure on the bulls, likely causing them to capitulate.
Yesterday's daily candle closed with a Hanging Man pattern, and today's appears to be forming a Bearish Harami pattern. If these patterns hold, we could see a solid reversal, dropping back below 55k.
The range to monitor now is between 65k and 45k until the end of the year.
Note
This is still active and on track, we are attempting to make a H&S with targets right back to 60-59k.. once there it will be so easy to go back under 55kNote
Another update to hold your shorts, we are in free fall under the wedge now.. target is still 55k, with stops at 62500, 60k and 56kTrade closed: target reached
And we hit the target right on spot - have a good day
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