89k is a key area here, if Bitcoin fails to flip this level I think it’ll mark the end of the bull cycle.
This entire move up looks like the final 5th Wave according to my count. This would mark the end of crypto bull cycle. But this could be invalidated if we break past 90k with strong volume.
If we observe the previous 5 Wave move down during the last peak, you’ll notice the 0.382 and 0.5 Fib was the place to short Bitcoin during its dead cat bounce. So this could be the time to be looking at such a move.
Not financial advice, just my thoughts.
This entire move up looks like the final 5th Wave according to my count. This would mark the end of crypto bull cycle. But this could be invalidated if we break past 90k with strong volume.
If we observe the previous 5 Wave move down during the last peak, you’ll notice the 0.382 and 0.5 Fib was the place to short Bitcoin during its dead cat bounce. So this could be the time to be looking at such a move.
Not financial advice, just my thoughts.
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As I warned earlier, if BTC fails to clear 89k expect a drop. I entered my short at this point, what we have now a series of lower highs and lower lows, confirming the downtrend. This is extremely worrying price action for BTC and could be the end of the bull market. If we reclaim 89-90k then I will get stopped out and revisit the chart to determine the next course of action.
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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.