This looks like a scary exact copy to me
What we can see in the chart is that the last few weeks are almost an exact copy of the period leading up to the most recent dump of 10k.
I suspect a bulltrap leading up to as high as say 39.5k followed by another 10k drop.
That would take us to a bottom that is exactly in line with the longer term support around 28k / 30k.
If we take into account the dumps get stronger each time it could even take us down to 25k.
No financial advice, DYOR blablabla.
For me it's still a no buy at this point, dispite all the bullish charts and youtube videos that show up again.
To zoom out to the even bigger bigger picture.
2018 bear market took 1 year from top to bottom and took us down roughly 80/85%.
The big question is what is the top of this cycle..... 65k in april or 69k in november.
I lean towards 65k with the 69k just beeing an overextended retrace caused by hype and fueled by social media and 100k dreams.
If that is true we are in for a lot more pain as that would put the bear low in april 2022.....
I suspect a bulltrap leading up to as high as say 39.5k followed by another 10k drop.
That would take us to a bottom that is exactly in line with the longer term support around 28k / 30k.
If we take into account the dumps get stronger each time it could even take us down to 25k.
No financial advice, DYOR blablabla.
For me it's still a no buy at this point, dispite all the bullish charts and youtube videos that show up again.
To zoom out to the even bigger bigger picture.
2018 bear market took 1 year from top to bottom and took us down roughly 80/85%.
The big question is what is the top of this cycle..... 65k in april or 69k in november.
I lean towards 65k with the 69k just beeing an overextended retrace caused by hype and fueled by social media and 100k dreams.
If that is true we are in for a lot more pain as that would put the bear low in april 2022.....
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