Further to my "final wave" chart (linked below), this is what that fractal may look like on the wider chart, if BTC can haul out of its current dip.
Currently, that's a big if.
The bearish scenario would lead BTC to drop possibly as low as 46.4, or even 42.7. Recovery and resumption of the bull run would probably be drawn out in that scenario, with a period of consolidation and up/down retesting of support and resistance levels.
The bullish scenario may not preclude a fuller reach down to 50.5. This would be a great buying opportunity, if we could be sure that this is simply a liquidity grab, and not BTC folding over.
Reasons to think the BTC bull run is not over:
1) Alts have gone down with BTC. In past cycles, they take off when BTC's top comes in and it goes into its blow-off top correction.
2) BTC has not yet reached full Fibonacci extension, though it's close.
3) The DXY is in a local downtrend. There's no countervailing force there.
4) The weekly BTC money flow index should provide support and give BTC a push to the upside.
5) We have experienced quite a bit of FOMO. But not a full-blown frenzy.
Feel free to comment.
Currently, that's a big if.
The bearish scenario would lead BTC to drop possibly as low as 46.4, or even 42.7. Recovery and resumption of the bull run would probably be drawn out in that scenario, with a period of consolidation and up/down retesting of support and resistance levels.
The bullish scenario may not preclude a fuller reach down to 50.5. This would be a great buying opportunity, if we could be sure that this is simply a liquidity grab, and not BTC folding over.
Reasons to think the BTC bull run is not over:
1) Alts have gone down with BTC. In past cycles, they take off when BTC's top comes in and it goes into its blow-off top correction.
2) BTC has not yet reached full Fibonacci extension, though it's close.
3) The DXY is in a local downtrend. There's no countervailing force there.
4) The weekly BTC money flow index should provide support and give BTC a push to the upside.
5) We have experienced quite a bit of FOMO. But not a full-blown frenzy.
Feel free to comment.
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
