This is a bit more detailed study derived from "Draft I: Total Destruction" and "the very BIG picture". Bulls got killed in action after its ultimate support got broken and market is now mirroring the last leg when it got to 6K. I used the exact same non standard technique to get to 6K now in this study it is showing something between 6.6K and 6.5K depending on your exchange. This time market should go to extended levels after some bounce and again non standard fibonacci levels point to 5.1K / 5K with 4K still unclear as a target, so step after the other, let's see how this unfold. Fully shorted, alts included !!
Note
Market is doing it's retest from the downside thing, aka weak bounce, the "Ultimate bull support" got tested and rejected, with enough time it can also test the 0.5 Fib and also major sup/res level 9.4K but it is unclear atm:Note
Market crossed the 30M MA50 got back above the "Ultimate bull support" looks set to test the all important 9.4K. According to previous history this should be a weak bounce and probabilities are greater for it to get a rejection ! But since we are back above the "Ultimate bull support", crossed the 30M MA50, the bullish setup will be valid if market stays above 9.4K, so this basically take 3 on "where the game will change" saga ! This is also the best place to put your trades both short or long because you can set a short stop loss with a huge target and get an amazing risk reward ratio. Choose your side, history bearish side or a bullish heading to ATH. If market goes against you, you got a minor stop and revert to another side, don't get emotionally attached to one side !Note
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BTC got the testing done and now everything is almost 50% both sides. BTC got a double top and them a double bottom got broke but returned fast, without losing the setup so far, making it feel like a bear trap. If market get above 9.5K, and above the 0.786 Circle Fib, it is going to ATH; if it looses the 0.786 support curve "Ultimate bull support" with green dashes them it will resume bearish.Note
After breaking down the green 0.768 Circle Fib, market mounted a possible bullish pivot on the 1.0 Circle Fib. It must not bounce too much in order to market continue bearish:Note
New Bearish Perspective: Market will complete an inner ABC pullback, touch or not the 4H MA50 and resume downtrend to 6.6K:Note
ABC completed:Note
Market is going according to the plan mirroring the last leg heading to 6K, now going to 6.6K them some bounce and resumes to 5.1K. As always I don't discard Bull movements as you need to monitor and stay alert for possible movements on both sides like on recent ideas where I always put together bear and bull targets:Note
Bulls in trouble after loosing strong supports here is the updated map of the destruction:
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Disclaimer
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.