Bitcoin - 54% crash, bull market over!

27 JunIs the bullish cycle really over? Definitely yes, and in this analysis, I will tell you why! The crypto market is dying in front of our eyes, if you are a hodler of many coins, you can see it very clearly on your account balance. Bitcoin failed to sustain the key level of 62k (0.618 FIB), which is an extremely strong sign of weakness. If you take a look at my Elliott Wave count, you see that the major impulse wave (12345) is complete. This is an impulse wave from the start of the bull market (15476) to the end of the bull market (73777). Take a look at wave (2) and wave (4), they both have a 21.35% pullback, so this Elliott Wave count perfectly matches.

The next reason is the rectangular range at the top of the uptrend. The range is clearly breaking down, which is another sign of weakness. What's more, we have an upward-sloping trendline that is breaking down as well. Currently, there is nothing bullish on this chart. Statistically, what is a classic correction for Bitcoin during major bear markets? 90%, 84%, or 77%. On the chart, I highlighted the 0.618 Fibonacci retracement for a 54% correction. But will this Fibonacci level really hold? Maybe temporary, but at the end, the price will go below it sooner or later.

What we can also consider is the 20 weekly moving average. Bitcoin is currently below it, and we didn't even see any reaction whatsoever. 

What to do now? Should you sell your Bitcoin? My arguments are really strong, and I don't even want to know what is going to happen with altcoins. Will altcoins become dust? I am bearish.

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

27 Jun

Komentar

54% crash is nothing. We haven't had a significant crash since the start of the bull run in November 2022.

28 Jun

Komentar

Always follow my latest updates and ideas. As a trader, you have to have a strong ability to change your bias and flip your outlook as soon as possible. 

For example: You are bullish on the stock market and a meteor hits Earth, are you still bullish because you said that? Will it help you, being bullish, make money in the markets regardless of the meteor?

28 Jun

Komentar

The majority in the comment section is very bullish. Now, do you want to be a contrarian or go with the crowd?

29 Jun

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I hope you are prepared for what is coming. I see a big crash on altcoins (50% - 80%) as well.

30 Jun

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Another problem I see is this parallel channel on the LOG scale. The price failed to stay above and continue in the uptrend.

30 Jun

Komentar

Every pullback on Bitcoin is an opportunity to sell/short. This is the last update - next I will share very secret info about BTC, make sure you follow me.

3 Jul

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Bitcoin is forming this nasty bearish flag! Also we have an ABC pattern, this looks so bearish.

4 Jul

Komentar

The bear flag broke down, we still have room for more downside in the short-term!

5 Jul

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The big crash had clearly started. A lot of people are in disbelief, but the good news is that we will not go down in a straight line. The market always moves in waves, and we have significant levels on the way down. If you are still holding Bitcoin/altcoins, now you see your account balance is decreasing, so make sure you sell during the next corrective wave to the upside!

5 Jul

Komentar

Last update: Bitcoin continues to be very weak compared to other markets. It looks like the crypto hype is completely over. Is Bitcoin still a good investment?