BITCOIN - The Corrective Tide Turns Bullish Yet Again 🌊
BTC leaving traders on both sides in its wake throughout this correction. 😸
Can you notice the psychology - on the way up the hodlers are all geniuses and I received quite a lot of trolling from the free lunch community when I suggested the next phase of the crash was coming.
But with different tone it was much the same on the way down when I said a bounce was coming - it was all too easy for traders on my pages and elsewhere to see that BTC was now going straight to the 20s, no bounces no nothing just a straight collapse 😄.
Well the manner in which the bounce arrived I was not correct, but bounce it has just as I said it would.
BTC - so slippery in these areas and in the bottom right hand corner is the retracement fib that threw most manual traders off that use fibonacci - 0.886 retracement, obviously bearing no similarity to the 0.5 B wave retracement of September and a very deep bearish looking retracement. But that is BTC - we've seen it time and time again pull itself out of the fire to go on big rallies.
And this is what BTC does short term - especially in deep correction such as here; too many change-ups for most manual traders to keep up with. But this bounce was written in the bullish RSI.
...
So anyhow lets talk fundamentals for a change 😄.
There is quite a hubbub that BTC hard bounce here is due Russian sanctions and Rouble plummeting.
And though these may be real world influencers - how much can we really expect such things to move the needle? And I suppose the answer to that will lie in how much BTC you think is owned by market movers. Food for thought.
I dont really delve into such areas much, but I think its good to remember that the news is not your friend. If you haven't figured that out then I guarantee you have no north east west or south on reality. 🤔
Anyhow I digress. 😸
But isnt it interesting that this supposed sanction driven buy up happened just after BTC tagged the lower trendline of this very large contracting triangle. Interesting coincidence ? 🧐
...
Back to the chart in this very complex correction and I no longer have much confidence it what happens next so I've got my MarkPMarkets "not sure" arrows out yet again.😄
The engulfing bullish candle printing now would suggest a push higher and not thinking about the past too much you could look at that candle and think it may get to the 58.5K 1.618 C wave extension.
However BTC has seen 3 sharp reversals now in a narrow trading range so perhaps it will get to 48K 1:1 area and I'm not saying it will get straight there - it could have another sharp reversal and form a complex correction, possibly into a flag.
And just to complete the MPM trio it could also top out in this area to form a lower high and then price would be moving into a contracting pattern to take price lower. This i think is the least likely due to the very bullish candle printing now.
TLDR: BTC is in an enormous corrective structure and this will need to take its natural course. Of course if masses of hodlers from multiple countries all at once decide they hate fiat and love Bitcoin then that can change things but the smart money that own this market bought cheap and will take price where they want it to go. And us manual traders can do our best to hang onto their coattails - and in the end they will take BTC to 20K at least i think🧐.
See you at 20K
Not advice.
Can you notice the psychology - on the way up the hodlers are all geniuses and I received quite a lot of trolling from the free lunch community when I suggested the next phase of the crash was coming.
But with different tone it was much the same on the way down when I said a bounce was coming - it was all too easy for traders on my pages and elsewhere to see that BTC was now going straight to the 20s, no bounces no nothing just a straight collapse 😄.
Well the manner in which the bounce arrived I was not correct, but bounce it has just as I said it would.
BTC - so slippery in these areas and in the bottom right hand corner is the retracement fib that threw most manual traders off that use fibonacci - 0.886 retracement, obviously bearing no similarity to the 0.5 B wave retracement of September and a very deep bearish looking retracement. But that is BTC - we've seen it time and time again pull itself out of the fire to go on big rallies.
And this is what BTC does short term - especially in deep correction such as here; too many change-ups for most manual traders to keep up with. But this bounce was written in the bullish RSI.
...
So anyhow lets talk fundamentals for a change 😄.
There is quite a hubbub that BTC hard bounce here is due Russian sanctions and Rouble plummeting.
And though these may be real world influencers - how much can we really expect such things to move the needle? And I suppose the answer to that will lie in how much BTC you think is owned by market movers. Food for thought.
I dont really delve into such areas much, but I think its good to remember that the news is not your friend. If you haven't figured that out then I guarantee you have no north east west or south on reality. 🤔
Anyhow I digress. 😸
But isnt it interesting that this supposed sanction driven buy up happened just after BTC tagged the lower trendline of this very large contracting triangle. Interesting coincidence ? 🧐
...
Back to the chart in this very complex correction and I no longer have much confidence it what happens next so I've got my MarkPMarkets "not sure" arrows out yet again.😄
The engulfing bullish candle printing now would suggest a push higher and not thinking about the past too much you could look at that candle and think it may get to the 58.5K 1.618 C wave extension.
However BTC has seen 3 sharp reversals now in a narrow trading range so perhaps it will get to 48K 1:1 area and I'm not saying it will get straight there - it could have another sharp reversal and form a complex correction, possibly into a flag.
And just to complete the MPM trio it could also top out in this area to form a lower high and then price would be moving into a contracting pattern to take price lower. This i think is the least likely due to the very bullish candle printing now.
TLDR: BTC is in an enormous corrective structure and this will need to take its natural course. Of course if masses of hodlers from multiple countries all at once decide they hate fiat and love Bitcoin then that can change things but the smart money that own this market bought cheap and will take price where they want it to go. And us manual traders can do our best to hang onto their coattails - and in the end they will take BTC to 20K at least i think🧐.
See you at 20K
Not advice.
Komen:
Going on a bit of a rambling rant here, but you cant stop me this is my page - anyhow I wont mention any names, but its been somewhat shocking to see how far some "chartists" are really willing to go putting their fundamentals based dreams on their charts. Even more shocking (still not very shocking I'd still say somewhat shocking) is that people follow them and lose $$$. The devil is in the details dont you ever forget and you'd better have them 😄.
Komen:
QUICK THE RUSSIANS ARE BUYING ALL THE BITCOIN - BUY BUY BUY !!! 😹😹😹
Komen:
I'm not surprised my comments sections are quiet - both sides have lost something 😄. If you enjoyed this analysis you are welcome to comment.
Next video Saturday 22 June😼.
Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
BTC 100K again due to great fundamentals as the fiat system crumbles and every hodler that can receive the news bombardment gets a big slice of pie - ok we'll see. 😄