it's been a long time since I wrote a special piece about BTC. Today, I'll talk about why in my previous article, I mentioned the possibility of it reaching 38,000, especially after experiencing the fake news bull market yesterday.
First, let me express my viewpoint. There is a good chance for another upward move, but it would likely require alignment with the performance of the U.S. stock market. Furthermore, after this potential upward move, there is a high likelihood of a rapid decline, similar to what I previously mentioned as an BLX abrupt 'waterfall' scenario
Another fulfilling condition is that I believe there needs to be another round of retesting
Lately, there has been a lot of volatility. Mainly due to liquidity issues. In the medium to long term, there is a lot of divergence. My recommendation is short-term trading because in the absence of liquidity, I believe it's very difficult for the so-called bull market to return. Even a small "crazy bull" I agree with, but currently, a true bull market is unlikely. I personally estimate around +-38500 is a possible potential top, but it's a bit difficult to achieve, especially given the current situation.
我先來肢解一下我的方式 先設定一下POE 2020/11/26-今天 然後設置水平線標記
First, let me break down my approach. I'll start by setting a timeframe for POE from November 26, 2020, to today, and then I'll place horizontal line markers.
After completing all step, you can get a complete chart of POE. Next is to draw a trendline. Personally, I've always believed that September to December 2021 was a false breakout, so my trendlines might be different. Please take your time to look at it. Additionally, for the previous bottom, I use January 4, 2021, as the starting point and connect it to the bottom on May 19.
Next, turn off the Fibonacci retracement fans and keep the trendline. We know that usually, after a triangular convergence, the opening signifies strength. Please see the white line
Can we use this to infer the upward movement in July 2021 (the blue line)? You can also open the previous POE chart and see if you notice this range (38317-40151). It's quite tangled, combined with the traditional strength in the U.S. stock market during November-December and election factors. This is why I believe there is room for an upward movement.
However, this proves one thing: the current market is heavily manipulated. Given the current situation, I believe there is a chance for an upward movement by the end of the year, in the range as mentioned in my previous article, 38,500 (38317-40151). But here comes the bad news. If the situation continues to worsen, especially if the U.S. situation doesn't turn around quickly and there is no consensus on international disputes, please see the worst-case scenario in this chart. Especially if it truly leads to the 'Lost Decade' as I mentioned. (By the way, recently, even Wall Street has begun to discuss this possibility.)
Of course, this is an extremely extreme scenario that requires a lot of conditions to align. I'm just sharing what the worst-case scenario might look like."