BTC is the bottom in????
Updated
I only focus on daily/weekly candles and long term moves. I see 6 figures on the horizon, but know corrections must be made all the way up.
Bitcoin may rip back to 10 11 12 etc, however, we will still see a correction before any attempt at new ATH and the dip to 8200 wasn't it. The main factor behind this is our current economic situation and unemployment. We all saw how the DOW pulled us down last time, even though we got rejected at 10.5 and were due for correction, DOW's drop amplified this. From what I can see, we have at least one or two more quarters of this ahead and DOW will go back under 20k dragging all assets with it. I see at least one, maybe a lot more serious dips on the DOW before this all plays out. One more quarter of negative GDP growth and we are technically in depression. This situation will have all the moonbois selling the BTC they bought at 9k+ for much less when they need money. They wont buy 3k BTC but will buy 9k, these guys will be first to jump ship when this starts to correct causing domino effect with miner capitulation. BTC looks ready to rip, but is constrained by economy. I know btc was made for situation and will shine after this is over, but that doesn't stop panic sellers and liquidations. A slight dip is gonna have peeps crap themselves and panic sell in droves.
I really don't think its going to rip right now as I believe DOW is ready for next leg down. Earnings are poor and will continue to get worse. Also, we got rejected at 10k and couldn't even try for 10.5. and made a clear double top. We have already made more double tops on way down and volume inst there to sustain push above 10k. This also makes it a lower high. I was expecting a nice bounce after crash to 3700 and then retest for the double bottom, but after this lower high, I think we could really go and test 3200 and maybe even make new low depending on the bounce, DOW and other macro factors. It will still rip to new ATH I just think this downturn pushed it back some. At the minimum we have to go look for that double bottom and it could result in a new one. If you compare the current hourly to the daily of both the dip from 20k to 3k and 13k to 4k you will see striking similarities. This is a downward spiral after a top was set and follows same pattern as previous tops spiraling down violently. My advice would be to buy all the way down and use this opportunity to accumulate for the next bull run, if your a trader, well good luck!
Bitcoin may rip back to 10 11 12 etc, however, we will still see a correction before any attempt at new ATH and the dip to 8200 wasn't it. The main factor behind this is our current economic situation and unemployment. We all saw how the DOW pulled us down last time, even though we got rejected at 10.5 and were due for correction, DOW's drop amplified this. From what I can see, we have at least one or two more quarters of this ahead and DOW will go back under 20k dragging all assets with it. I see at least one, maybe a lot more serious dips on the DOW before this all plays out. One more quarter of negative GDP growth and we are technically in depression. This situation will have all the moonbois selling the BTC they bought at 9k+ for much less when they need money. They wont buy 3k BTC but will buy 9k, these guys will be first to jump ship when this starts to correct causing domino effect with miner capitulation. BTC looks ready to rip, but is constrained by economy. I know btc was made for situation and will shine after this is over, but that doesn't stop panic sellers and liquidations. A slight dip is gonna have peeps crap themselves and panic sell in droves.
I really don't think its going to rip right now as I believe DOW is ready for next leg down. Earnings are poor and will continue to get worse. Also, we got rejected at 10k and couldn't even try for 10.5. and made a clear double top. We have already made more double tops on way down and volume inst there to sustain push above 10k. This also makes it a lower high. I was expecting a nice bounce after crash to 3700 and then retest for the double bottom, but after this lower high, I think we could really go and test 3200 and maybe even make new low depending on the bounce, DOW and other macro factors. It will still rip to new ATH I just think this downturn pushed it back some. At the minimum we have to go look for that double bottom and it could result in a new one. If you compare the current hourly to the daily of both the dip from 20k to 3k and 13k to 4k you will see striking similarities. This is a downward spiral after a top was set and follows same pattern as previous tops spiraling down violently. My advice would be to buy all the way down and use this opportunity to accumulate for the next bull run, if your a trader, well good luck!
Note
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Imma be Supreme... I was right.. Look I was right... I told you guys... I am always right....
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