Is a 70% crash to 28k in Bitcoin’s near future?
On the above 16 day chart there are some interesting observations worthy of attention.
1) Bearish divergence. Not just any divergence, a divergence that is measured over 3 months. It is the same divergence used on the recent "short" idea on Ethereum, published in Mid December at $3700, now $2600.
Is this time different?
2) Support and resistance. Look left at this legacy support and resistance. A confirmation of support or resistance results in a significant move in price action.
Does that look like a confirmation of support forming?
3) RSI support breakout. Look left.
Is this time different?
4) Almost every Youtube outlet is calling for silly forecasts to 170k, 250k, 300k we’re in full euphoria mode. The majority are blind to it. Love is blind.
To be clear I’m not calling for a correction right now, this is a 16 day chart which takes weeks to print a candle and confirm trend. Like 14 weeks.
Is it possible price action to continues with higher highs? Yes, and it is expected.
Is probable the silly targets the internet is calling will be realised? No.
Ww
Ethereum same 3 month divergence
1) Bearish divergence. Not just any divergence, a divergence that is measured over 3 months. It is the same divergence used on the recent "short" idea on Ethereum, published in Mid December at $3700, now $2600.
Is this time different?
2) Support and resistance. Look left at this legacy support and resistance. A confirmation of support or resistance results in a significant move in price action.
Does that look like a confirmation of support forming?
3) RSI support breakout. Look left.
Is this time different?
4) Almost every Youtube outlet is calling for silly forecasts to 170k, 250k, 300k we’re in full euphoria mode. The majority are blind to it. Love is blind.
To be clear I’m not calling for a correction right now, this is a 16 day chart which takes weeks to print a candle and confirm trend. Like 14 weeks.
Is it possible price action to continues with higher highs? Yes, and it is expected.
Is probable the silly targets the internet is calling will be realised? No.
Ww
Ethereum same 3 month divergence
Note
A number of messages during my absence on this idea. The trade is not yet active and don't expect it to be so for some weeks. It is published as a preparation of things to come.Note
Tempting to call this "trade active", but the market top is not yet in... Note
Now 83k.... at 63k Micro strategy has a real risk of forced liquidation in order to payoff debtors resulting in over a hundred thousand bitcoins being dumped on the market. This could easily take price action back down to the circa 30k area.
Welcome to the Ponzi.
Read all about it here... no different from a retail investor loaded up on leverage.
The MicroStrategy Liquidation: Could They Be Forced to Sell Bitcoin?
bitcoinworld.co.in/the-microstrategy-liquidation/
Note
20k gone since publication, another 50k to go... .
Not worry, the market top is not yet in. This trade is not yet active. Regardless, it is very important to consider how close the Micro Strategy fund is from liquidation. Like a true gambler Saylor borrowed cash using already purchased Bitcoin as collateral, that last purchase under 98k.
saylortracker.com
Should price action continue correcting to 63k and remain there for a period of time, Micro Strategy liabilities will outweigh their assets. This is an unattainable situation. It is bankruptcy that would result in the forced sell of over 115,000 bitcoin on the open market on already depressed prices.
Make no mistake what this would do to the market.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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.