The Good, The Bad and The Ugly - BTC to $430 000 (there's a catc

• The Good: $430k is in slight 🚀
  
• The Bad: $7-$9k will come first ⚡
  
• The Ugly: it'll take 4 years to reach the top, 3 years of which in a bear market. 🐻
  

Despite the high volume in the recent weeks BTC was unable to push through $25 200 or hold the $23 800 resistance that flipped support for a short while! This is very significant and paints a grim picture, especially when paired with the state the US economy and the high inflation.

This price action is usually characteristic for the PS stage in a Wyckoff Accumulation, where institutional buyers accumulate the asset so that they have enough of it to sell through major resistance levels (and subsequently buy back at a discount). This in turn triggers a cascade effect, pushing weak hands, who in a state of a panic try to salvage whatever they can and sell everything they have left at a great loss.

In the short term we should see a bonce back to $22 600-$22 800k before the final leg down. Bottom price is not guaranteed, but the bottom will almost certainly be at the end of November / beginning of December.

To show the potential path I've used an inverted fractal from ADA that covers the accumulation period and the ascend to $3+.


Never a financial advice, dyor.