30% Bitcoin correction to circa $72k
On the above 2 day chart price action has printed 100% gain since September. A number of reasons now exist for a bearish outlook in the near term. They include:
1) Price action failed support.
2) RSI and MFI failed support.
3) Strong bearish divergence with price action. 10 oscillators price negative divergence with price action at this time.
4) The 72k forecast is the 50% Fibonacci level.
5) What will happen to overbought alt tokens? Nothing good.
Is it possible price action continues to print higher highs like most Youtube shills are calling for? Sure.
Is it probable? No.
Ww
1) Price action failed support.
2) RSI and MFI failed support.
3) Strong bearish divergence with price action. 10 oscillators price negative divergence with price action at this time.
4) The 72k forecast is the 50% Fibonacci level.
5) What will happen to overbought alt tokens? Nothing good.
Is it possible price action continues to print higher highs like most Youtube shills are calling for? Sure.
Is it probable? No.
Ww
Note
Idea has naturally got a bit of push back since publishing.
Here's something you can all do to verify and validate if the technical supports the forecast.
On the 2 day chart, look left, price action was following the 2-day/50 SMA for some weeks before it's collapse.
34 days to be exact as shown on the 2-day/50 SMA bounce to a resistance confirmation, which would take us to March 16th before a significant market correction should be expected.
If you see this behaviour in price action following the SMA over the next weeks, expect a collapse.
Spooky.. . March 16th.. 2020
"there were multiple severe daily drops in the global stock market, the largest drop was on 16 March, nicknamed 'Black Monday II' of 12–13% in most global markets."
2 day
Trade active
Prepare yourself for a bloodbath... Emotional retail sellers are about to enter full panic mode offering the rest of us lovely discounts..
Note
That moment before market participants capitulate, can you feel it? The moment they throw in towel scream "manipulation" as the liquidations climb higher and the Lambo dreams are replaced with a 1982 Ford Pinto that has a hole in floor.Note
Many messages on this idea during my absence. Apparently there is "no chance" this idea will play out.
15 days since this idea was published.
15 days you've had to exit Bitcoin long positions.
The market always gives you time.
A strong 2 day rejection of the 2-day/50.sma is about to print on Monday 24th.
No sensible investor of trader would purchase into broken market structure.
Note
Price action has confirmed broken market structure and entered the Gaussian channel.
Except a long slow grind down to 72k area until July or August. Look left.
If price action drops down to 62k, the Micro strategy fund will liquidated with forced sell orders from creditors.
Note
Published at 96k.... now 86k. .. -
14K to go.Note
"Sell it all sell it quick before it goes to 0"
This is the current mindset of the market... are they right?
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.