Short term bearish. Long term BULLISH.
Waiting for one more confirmation for the BEARISH BREAKOUT of this pretty large RISING WEDGE (bearish) pattern.
Waiting for a bearish RE TEST of previous support (near) 59.67K.
Price action may break lower here (56.8K), if so -will need to re think this plan.
I would take a SHORT position on the RE TEST, however.. I do NOT short BITCOIN during BULL MARKETS.. especially this juan.
I expect a large correction down (near) the 21 WEEKLY EMA at
42K (+/- 13%).
Should PA move below the 32K price level, then we are certainly looking at a BEAR MARKET. However, if this does happen -we may see a scenario similar to 2013.
MARCH 2013 - One of the rare positive months for bitcoin, finished the month up over 100%
APRIL 2013 - bitcoin broke into new ATH's, then not even 2 weeks into the month, the price of bitcoin fell almost 83% in a matter of days.
This correction would extend into a short term BEAR MARKET before bitcoin broke out later in the year, breaching the $1000 price level before topping out heading into 2014.
History doesn't rhyme.. but sometimes, it sure does repeat.
Plan could change by the morning, but this is what I'm looking at right now.
What are you all looking at? Do you think this correction is the beginning of the next bear market? Are you bullish? Anyone that mentions the Pi Cycle Top without solid rationale is fired.
I would love your thoughts in the comments below!
- JNY
3CandleCollective
Waiting for a bearish RE TEST of previous support (near) 59.67K.
Price action may break lower here (56.8K), if so -will need to re think this plan.
I would take a SHORT position on the RE TEST, however.. I do NOT short BITCOIN during BULL MARKETS.. especially this juan.
I expect a large correction down (near) the 21 WEEKLY EMA at
42K (+/- 13%). Should PA move below the 32K price level, then we are certainly looking at a BEAR MARKET. However, if this does happen -we may see a scenario similar to 2013.
MARCH 2013 - One of the rare positive months for bitcoin, finished the month up over 100%
APRIL 2013 - bitcoin broke into new ATH's, then not even 2 weeks into the month, the price of bitcoin fell almost 83% in a matter of days.
This correction would extend into a short term BEAR MARKET before bitcoin broke out later in the year, breaching the $1000 price level before topping out heading into 2014.
History doesn't rhyme.. but sometimes, it sure does repeat.
Plan could change by the morning, but this is what I'm looking at right now.
What are you all looking at? Do you think this correction is the beginning of the next bear market? Are you bullish? Anyone that mentions the Pi Cycle Top without solid rationale is fired.
I would love your thoughts in the comments below!
- JNY
3CandleCollective
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