BITCOIN - On The Brink Of Collapse

Title says it all - Bitcoin is cliff walking again.

Now in a technical bear market price is drifting sideways and there is 0 bullish impetus.

Price could stagger down, but good chance there will be another devastating collapse coming, just like in May.

My target area for a the next wave down is the support area at $16.7K.

The chart speaks for itself but consider also what is happening in other markets. There could be a devastating chain reaction coming from the bond market. Check out my linked threads to see wth I'm on about.

On-chain analysists and metrics champions are welcome to give their view.

And as I've said many many times since March actually:


See you at 20K! 🔥

Not advice.

تعليق:

Maybe I didn't write this perfectly but just to be clear I think a collapse back down to the local low at 29K is very probable, but whether it bounces and drifts from there or capitulates further we will see.

But in the end it will be back to 20K.

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Getting cosy with the 100Dma, probably not to long before next collapse down.

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Thanks to @realisticDiamo79435, for noticing that last night's sudden pump pierced through SOW from ATH top - I'm glad someone is paying attention.

Also what appear to be a fakeout through descending trendline.

That pump last night is a good example of why I say BTC algos are the slipperiest. A lot of short term and over-leveraged shorts would have got wiped out.

And why would they do that now? Perhaps because a collapse is coming. Time will tell.

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BTC could break up to 0.618 - RSI pushing in upper quadrant.

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Right on cue 😄

This may give a better opportunity for shorting alts and they will obviously have a pump once btc settles.