Bitcoin - Larger Correction Coming
Updated
It seems far too early to keep pushing up, especially as this very long term trend and Fib level idea has held up very well.
I think we need to retest and confirm the lower trendline as support before going up more.
This makes sense as to why altcoins are still moving up. If this was a legitimate resumption upward, money should be flowing in to BTC instead.
There has been two huge volume daily candles, the first a big red day, the second after Elon's tweet which was a green candle but quit bearish, with a long supply wick.
IMO whales used the tweet as a great boost to liquidity so that they could sell.
It is also the top of an Elliot Wave as per my previous idea, so these usually have a much larger/longer correction.
Daily view
I think we need to retest and confirm the lower trendline as support before going up more.
This makes sense as to why altcoins are still moving up. If this was a legitimate resumption upward, money should be flowing in to BTC instead.
There has been two huge volume daily candles, the first a big red day, the second after Elon's tweet which was a green candle but quit bearish, with a long supply wick.
IMO whales used the tweet as a great boost to liquidity so that they could sell.
It is also the top of an Elliot Wave as per my previous idea, so these usually have a much larger/longer correction.
Daily view
Comment
This idea would only really be invalidated if we get above the ATH.Disclaimer
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