BTC: Rapid crash to 7700 is possible
After *every* previous ATH, Bitcoin returned to the bottom line of its well-known, 12-year, parabolic channel. (Many posts on this. Search for “BLX”.) Usually this return is painfully slow with the low marking the beginning of the next multi-year rally.
This chart shows some unusual TA in the form of radial lines (labeled “a” thru “d”) that draw attention to Bitcoin retraces that became increasingly steep over the past 4+ months. Were one to draw the next line (“e”) through the current price action, it would be nearly vertical. This suggest a rapid, major fall in the near future is possible. Should this fall touch the bottom of the 12-year parabolic channel, the price would be $7700 ± $300 and such a fall would be the steepest major retrace in Bitcoin’s history.
Another bearish indicator just went off: Bitcoin's 24-hour volume on Binance (the largest Bitcoin market) just fell below 39B. The lowest level in years. The calm before the storm?
Background:
This April’s ATH of 64,500 was unusual in several ways:
1. It was premature, failing to touch the upper line the 12-year parabolic channel.
2. All previous ATHs were sharp mountain peaks in shape. This one was a slow, 4-month-long round curve. Warning! Conspiracy theory ahead: Might this unusual, slow turnaround be the results of persistent computer-driven trading (funded by powerful bears) taking advantage of every weakness (24/7) found in the trading books of the major exchanges?
Nothing I post should be construed as trading advice.
Stay safe!
Bullbearish
I'm a Bull, but Bear happens!
This chart shows some unusual TA in the form of radial lines (labeled “a” thru “d”) that draw attention to Bitcoin retraces that became increasingly steep over the past 4+ months. Were one to draw the next line (“e”) through the current price action, it would be nearly vertical. This suggest a rapid, major fall in the near future is possible. Should this fall touch the bottom of the 12-year parabolic channel, the price would be $7700 ± $300 and such a fall would be the steepest major retrace in Bitcoin’s history.
Another bearish indicator just went off: Bitcoin's 24-hour volume on Binance (the largest Bitcoin market) just fell below 39B. The lowest level in years. The calm before the storm?
Background:
This April’s ATH of 64,500 was unusual in several ways:
1. It was premature, failing to touch the upper line the 12-year parabolic channel.
2. All previous ATHs were sharp mountain peaks in shape. This one was a slow, 4-month-long round curve. Warning! Conspiracy theory ahead: Might this unusual, slow turnaround be the results of persistent computer-driven trading (funded by powerful bears) taking advantage of every weakness (24/7) found in the trading books of the major exchanges?
Nothing I post should be construed as trading advice.
Stay safe!
Bullbearish
I'm a Bull, but Bear happens!
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