SOL Short Term Correction
Updated
Bitcoin is about to hit its local top at around $ 48 - 50 k. Then I will go through around 25% correction, with the bottom being anywhere between $ 34 - 38 k. This will likely cause a lot of alt-coins selling +50%, with many bleeding over 60%+.
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Seems like SOL is going higher. Still it will hit a local top when Bitcoin reaches local top at $ 48- 50k. Probably safe to wait for BTC to top out. ETH also has heavy resistance above $ 2500. If you want to max out profit, probably it is best to wait till ETH reaches the $ 2500 range. For SOL, I think 50% correction is still likely if Bitcoin corrects 20%+. If Bitcoin closes above $ 52k. Then maybe this time, it's different? But whenever people said "this time it's different", it never materialized, and looking back it was all the same after all ....Comment
It seems like our anticipated local top is in. Highly unlikely, but if not, one more final push to the low / mid $ 80 range.
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FYI, the whole idea gets invalidated if BTC closes above 52k in weekly candle. I see it with a very low chance of happening.Comment
Probably my last update, before I come back to check crypto prices during the first week of Jan 2024. During then, I plan to not check crypto prices. (I don't like to check crypto prices frequently as it helps me make more unbiased judgements, also I think it just helps build healthier mindset)This is what I think will happen. Just my personal views, so could be totally wrong.
BTC will probably see its anticipated first red weekly candle during the upcoming weeks in December. BTC will probably visit $ 42k range or slightly lower. A lot of mid capped alt coins that have gone parabolic, will get some corrections (10~15
%). Now, when BTC makes its final push to the $ 48k+ range, those altcoins will try to come back. I anticipate many of them to put in a double top. Price could go up slightly higher. So SOL could tick up to the $ 77 - 79 range, maybe slightly higher, but nothing parabolic. I would view them just trivial. See the ADA 2019 mid year local top price move as a reference. Then we get the anticipated correction.
Also, I may not be able to provide any more updates. Realized posting does consume some of my time / energy and I would like to spend my resources somewhere else. So If this idea gets invalidated, then it is wrong. If this idea turns out to be somewhat accurate. Than that is all. Nothing more nothing less. Don't trust too much, as it is just a random person's idea. DYOR.
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Invalidated
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