Typically there are several periods of consolidation or 'bases' which are established with increasing range between each of the moves.
The final phase is a usually the most violent in its upside before a strong correction which breaks several of the previous levels of support.
I think its fair to say Bitcoin is within such a move and most likely coming to the end.
Im calling top at a maxout of this move being $20k but could end sooner.
A collapse could see bitcoin return to somewhere between $2 and $3k- i would lean towards $3k
Im certainly not quite yet, but we saw some serious at $10k - imagine what it will be like at $20k.
A lot of people will have made a lot of money and profits will be taken:
Just to put this in to perspective, lets say you bought 100 BTC at the start of the year for $100k. By $20k/BTC this will be $2m in holdings. This is enough for any average man to retire upon. Watch how quickly the libertarian hodl attitude melts away when they are literally kissing goodbye to their lottery ticket. The panic will be significant and is probably underestimated due to the euphoric feeling we all have today.
My advice would be not to short this beast. There is plenty of potential to nearly double in price. Take some profits on the way up.. You can’t go bust by doing that.
Hope you found this useful.
All the best.
I am not saying this is the asoloute top, but i will be very cautious above these levels.
You need to be on your toes to take action whether youre long or short!
Could you update this TA please ?
Thank you so much !