This chart speaks very loud and clear. We are nearing the end of the road before we see very decisive action. No more floating and dragging out the inevitable.
If Crypto is going to rise again it has until the end of the month at most.
All signs point downward and at this point, you should absolutely prepare for the worst. The next move is going to be a strong and rapid one. It will leave many portfolios into a wasteland if its breaks down from here. Denial will no longer be an option and the path will be crystal clear.
The fact there are still so many bullish outlooks even after looking at so many Bearish Trends tells us there is still hope in the market. It has not reached a point of reversal because the sentiment hasn't completely changed.
You have to remember, Cryptocurrencies are a speculative market. Yes, some of them have real on-book value and BTC has an attractive record but at the end of the day, it's all speculation. A hope that one day they will be completely implemented into our day-to-day lives. This day has not come and the vast majority have never once used Bitcoin or any cryptocurrency in a transaction a single time.
Crypto is only as valuable as we make it. There will come a point speculation meets reality and this is when Crypto will truly shine if it is deemed so. Until then, nothing is certain and many will not flock to Crypto as a safe heaven in this environment. Realistically there are many other alternatives and we could be seeing this taking effect now.
It has now been 80+ days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year. (There is a first for everything)
The S2F model has been one of the main pillars of hope for the bulls but at this point, it is growing more and more away from the movements. It has held very strong value for the past 12 years and just as BTC has never had a Bull Run cut so short in 12 years, we could potentially see the same for the S2F.
There are clear deviations from the predicted paths and something is stirring up the markets. If the Bull Run is cut short, there was an underlining reason for this to occur in such a strong fashion.
UST's movements have been very strange over the last few weeks and the beloved Meme stocks have been taking a big hit.
More Alt Coins being created every week/month than you can count. Everyone who came in from the outside this year for Cryptocurrencies is still waiting for this moon shot. Influencers pushing pumps and dumping every chance they get. Crypto trading has become a trend. Greed Greed Greed. The strongest factor in corrections. Until the greedy are liquidated, this market can't truly recover. The question is... Who is more greedy? The Bulls or the Bears?
The coming days/weeks will be the ultimate decider of the path forward.
Good Luck Everyone! Happy Trading!
If Crypto is going to rise again it has until the end of the month at most.
All signs point downward and at this point, you should absolutely prepare for the worst. The next move is going to be a strong and rapid one. It will leave many portfolios into a wasteland if its breaks down from here. Denial will no longer be an option and the path will be crystal clear.
The fact there are still so many bullish outlooks even after looking at so many Bearish Trends tells us there is still hope in the market. It has not reached a point of reversal because the sentiment hasn't completely changed.
You have to remember, Cryptocurrencies are a speculative market. Yes, some of them have real on-book value and BTC has an attractive record but at the end of the day, it's all speculation. A hope that one day they will be completely implemented into our day-to-day lives. This day has not come and the vast majority have never once used Bitcoin or any cryptocurrency in a transaction a single time.
Crypto is only as valuable as we make it. There will come a point speculation meets reality and this is when Crypto will truly shine if it is deemed so. Until then, nothing is certain and many will not flock to Crypto as a safe heaven in this environment. Realistically there are many other alternatives and we could be seeing this taking effect now.
It has now been 80+ days since BTC has made a new high; It has never in the history of Bitcoin corrected for this long in a Bull Run and made new all-time highs in the same year. (There is a first for everything)
The S2F model has been one of the main pillars of hope for the bulls but at this point, it is growing more and more away from the movements. It has held very strong value for the past 12 years and just as BTC has never had a Bull Run cut so short in 12 years, we could potentially see the same for the S2F.
There are clear deviations from the predicted paths and something is stirring up the markets. If the Bull Run is cut short, there was an underlining reason for this to occur in such a strong fashion.
UST's movements have been very strange over the last few weeks and the beloved Meme stocks have been taking a big hit.
More Alt Coins being created every week/month than you can count. Everyone who came in from the outside this year for Cryptocurrencies is still waiting for this moon shot. Influencers pushing pumps and dumping every chance they get. Crypto trading has become a trend. Greed Greed Greed. The strongest factor in corrections. Until the greedy are liquidated, this market can't truly recover. The question is... Who is more greedy? The Bulls or the Bears?
The coming days/weeks will be the ultimate decider of the path forward.
Good Luck Everyone! Happy Trading!
Note
I do believe this has a high probability of playing out.
Note
The candle structure is very similar. Note
Here it is on the Daily time frame. Note
After a significant rally to hold this important trendline we are starting to see signs of correction on the Total. BTC is currently at heavy resistance and is backing off the 200MA on the Daily.We see a rising wedge pattern has formed in both the Total and BTC which we likely lead to a downside break. On top of an imminent death cross on the Total that has taken quite a while to form. The total will likely test support on the 200MA on the 4hr. Watching the reaction to these levels will show strength or weakness. It is important to remember in times like these, markets can stay irrational longer than you think.
This is where BTC is currently
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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.