BTC 3-montly chart - what does it look like?12 years after the origin of BTC
12 years of massive gains
Never far below the 200 weekly ma
Will this ever end in a correction?
What we know:
-BTC makes nice elliot wave patterns 1-2-3-4-5
-BTC makes elliot wave correctional paterns ABC
-BTC retraces after a 12345 to 61% of leg 4-5
This has happened all 3 normal bull runs with tops 2011-2014-2017
And the composition of these 3 bull runs makes 1 big 12345 wave pattern.
And this pattern has not yet been to the 61% of leg 4-5, instead we got a higher push to 60K, what makes it a elliot irregular flat pattern.
Now the question is will we go to 61% of leg 4-5, which is around 1K.
In my opinion this is possible,
-The crypto hype might be a bit over for some time, every plumber, painter and carpenter has bought in in the mean time.
-The economy and inflation could drive people to sell
-We are still mostly using the banks.
-There's RSI divergence on the 3 montly chart
-There's a sell on the market god indicator, the first one ever.
-The 200 weekly ma and 50 montly ma supports are getting weaker and weaker
The road to 1 K will not be a straight line, we will bump on the +/- 20K and later on on the trendline from 20K-14K top.
But I think that's inevitable that the market has to cool down a bit, with this all in mind.
