So now we come to a point in time with this consolidation at $400 for deciding the trend for the next several months. Quite an impressive triangle has formed and we're drawing it out right to the end - the break of this will dictate the trend for months (or maybe even years) to come.
But I have discovered a small fractal within the overall beartrend since the $1200 top two years ago. Both have wyckoff's, both have a high level of altcoin activity and people looking to gain additional return on the BTC they are holding. But last time, it ended with people cashing out and leaving this market, will this time be different? ™
A break of the broader triangle would lead to a $240 retest, and potentially could trend us down to new lows.
A break up would imply $680 be tested, and if broken could lead to new ATH's because it would be making continued monthly highs. Bubble target would be $4800 (my guess based off the wisdom of the crowd).
So lets see where we go. Hopefully this is a little more clear than my previous (linked) chart I made comparing bullish bubble cycles back in 2014 at this same period. Now I'm going to give comparing bearish cycles a shot.
But I have discovered a small fractal within the overall beartrend since the $1200 top two years ago. Both have wyckoff's, both have a high level of altcoin activity and people looking to gain additional return on the BTC they are holding. But last time, it ended with people cashing out and leaving this market, will this time be different? ™
A break of the broader triangle would lead to a $240 retest, and potentially could trend us down to new lows.
A break up would imply $680 be tested, and if broken could lead to new ATH's because it would be making continued monthly highs. Bubble target would be $4800 (my guess based off the wisdom of the crowd).
So lets see where we go. Hopefully this is a little more clear than my previous (linked) chart I made comparing bullish bubble cycles back in 2014 at this same period. Now I'm going to give comparing bearish cycles a shot.
Weekly candles are compressing, probably will exit the 445-470 range within the next 2 weeks. Big move is (still...) brewing, as it was when I published this chart.