I think we have substantial risk that we are about to face the largest correction Bitcoin has seen since the bottom in March 2020. Biden's proposal to hike taxes has roiled markets globally, and specially risk on assets naturally. Commodities are already rallying big and we know inflation is around the corner. I wouldn't be shocked if we saw the top for good, but I'm open to the possibility that this is a healthy correction to delever the market. Estimated leverage ratios from all exchanges are very high as per Crypto Quant data, which opens the possibility for a cascading liquidation run towards substantially lower prices if long term buyers don't support the market here. No one likes a market that is 'too long'. We are hedged from higher levels today.
Sellers had taken a pause since the liquidation drop a few days ago, but buying pressure failed to manifest itself, and instead we observed an increase in leverage once again from retail buyers confident to buy the dip (was a red flag according to Santiment data). We haven't had corrections larger than 30% so far, not by much, unlike previous bullish trends in crypto, and we have a huge support level at 42381, the price where we heard about TSLA buying Bitcoin for the first time. The market reacted to it and I could determine this Key Level using Key Hidden Levels, a proprietary trading methodology and toolset developed by my mentor, @timwest .
For the time being I'm in cash in my crypto account, waiting for the dust to settle, I certainly was a bit shaken by the recent action as we topped after hitting the 1st long term target zone in my big picture chart, at 57k, rather than trend for the duration of the forecasted rally until May 2022. This is unlike the previous bullish cycle. The only similarity is we have a crazy euphoria in altcoins, even in the face of falling Bitcoin prices vs the dollar, and crazy high funding rates at exchanges and enormous leverage. It was one of my possible scenarios, since we had the 'laser eyes' trend catching on, I felt it was a sign of the times and a sentiment red flag but shrugged it off since weekly charts had remained strong, although I failed to realize the underlying market structure was not healthy with so much leverage in the system. The scenario I outlined was that we top at the first target, falling short of that 100k milestone...and bottom when people give up on the laser eyes meme. We should get signs of institutional buyers stopping the fall to get some reassurance, for now they are nowhere to be seen.
Let's hope the bottom is confirmed very soon, and this isn't the end of the bullish trend but it is certainly possible.
Best of luck!
Ivan Labrie.
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I bot back for now, short term looks bullish, open to selling and shorting again if needed.
LMAO!
TOP! FOR GOOD! HAHAHA!
PLEASE SELL ME YOUR BITCOIN!
If you had any clue about market cycles and corrections, you would know that our actual base for this rising wedge and market re-accumulation pattern is 45k BTC....
I am actually AMAZEBALLS that we havent hit below 50k already. This shows AMAZING STRENGTH for BTC....
@sexology, run, i alredy sold in 60k couple of weeks back. not goanna return the money to whales. not even a penny. 2017 was a good lesson. im running like a thief. but i will watch the show with some popcorn
@CryptoCreepya, Whats worse than returning your money to the whales? Giving your coins to them. You sir, just did exactly what they wanted
CryptoCreepya
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@cpoulson23, you love coins not me lmao. i will gladly give them all my coins for real money. you keep holding, after all this preaching one day you will sell too, if not why are you even here. people love different things. in real life i cant eat coins where i live. only money. gl
ezpi
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@CryptoCreepya, I'm a whale. Thanks for your coins. Worth more than fiat. Cheers.
TheTophyr
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@CryptoCreepya, The whales knock the knife off the table in order to catch it. This "sell off" generated $3,794,340,750 in trades on coinbase alone. Who caught that knife?
watchtrend
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@sexology,Bitcoin looks ready for huge increase - check my chart for explain, the new trend of Bullrun starts again from here
TheTophyr
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@watchtrend, I see no logic behind the points you chose.
Between the two points.
Volume is different.
Structure is different.
Price is different.
Market Sentiment is different.
Looks like two random lines with a coffee cup on bottom.
Agree, the whales are gearing up for a huge sell off, so they can buy in. I disagree to think they are done.
TOP! FOR GOOD! HAHAHA!
PLEASE SELL ME YOUR BITCOIN!
If you had any clue about market cycles and corrections, you would know that our actual base for this rising wedge and market re-accumulation pattern is 45k BTC....
I am actually AMAZEBALLS that we havent hit below 50k already. This shows AMAZING STRENGTH for BTC....