Unfortunately, that 'little retracement' I mentioned last Bitcoin Overall turned out to be a bit larger, testing the higher of the indicated supports. Thus, there is reason to believe the corrective phase will last longer and may even cut deeper than I expected.
I believe this means we are likely to head lower again before moving higher. How low...I don't know for certain, however it should hold the lower supports indicated at a minimum before moving higher. How far the market declines will indicate what it will do next.
Regardless, we should still be in a bull market, so new ATH is to be expected. I simply think it will take longer now.
Indicated is a likely sequence of events--the next 5 relevant swings, as far as I can surmise.
According to my schema, a short is in the near future, as indicated. could go deeper, this is a fairly safe exit however.
I believe this means we are likely to head lower again before moving higher. How low...I don't know for certain, however it should hold the lower supports indicated at a minimum before moving higher. How far the market declines will indicate what it will do next.
Regardless, we should still be in a bull market, so new ATH is to be expected. I simply think it will take longer now.
Indicated is a likely sequence of events--the next 5 relevant swings, as far as I can surmise.
According to my schema, a short is in the near future, as indicated. could go deeper, this is a fairly safe exit however.
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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.