Is Bitcoin about to correct to $10K ??

And possibly even below? There is growing evidence for it.

Now this idea does not cancel the attached 48k idea.. yet. Not while support exists. However if market structure breaks (currently a candle body closing under 25.7k), then that idea is void.

Weekly Bear flag breakout >>
A candle body clearly prints outside the bear-flag. Confirmation is a following red candle. We got that. A rally to 31k could follow to backtest past support as resistance.

A sell off from 31k would be a huge signal for a new macro lower low. The bear flag measures out to around $10k, which would also see past resistance tested as support.


Log growth curve rejection >>
The bear flag breakout occurs as log growth curve price action tests past support as resistance. This is the entire price action history. Understand why this is significant, it informs us the asset is replacing growth with the inverse. This does not mean new higher highs will not print in the future but it will be years rather than months if this idea confirms.


Other considerations >>
There are many other factors that support this outlook, but will report them elsewhere.


Laters….

Ww


Log growth curve rejection

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Huge amounts of messages from all corners. Remember what was said above.

"A sell off from 31k would be a huge signal for a new macro lower low. The bear flag measures out to around $10k, which would also see past resistance tested as support."

This would confirm the flag. Otherwise it was a monster fake out and shake out.

At this moment price action is considerably oversold as is shown below.

Daily chart

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Expecting upside for price action as indicated in the chart above to begin this weekend and onwards. It should be impulsive.

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First pop is to 28k

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Pop to 28k prints. Next a back test to 27.4k if sellers allow it and then off to 30.6k, which is where the fun begins.

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Sellers were kind enough to allow longs to accumulate once again under 27.4.

GRM resistance is at 28.2k

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A question that was asked...

GRM broken resistance is daily candle bodies closing above 28.2k. If that happens then price action moves over 30k in the days ahead, probably with momentum.

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26750, that's where support is at. Watch it bounce from there.

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26750 is having to put up more of fight than expected. If it fails, 25950 is the next support. Once the miners have eased off the selling there'll be some reprieve.

Trade fechado manualmente:

26750 bounce confirmed. 10k is consigned to the dustbin of history.

Trade ativo:

Closed the wrong idea yesterday. This idea remains open until the resistance mentioned in the first paragraph is broken.

At the moment the GRM is offering conditional support but not yet confirmed support. Ask me again in a some days if it has confiremd.

IF it has confirmed a move to the mid 30's should be expected.

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Now if this idea is to confirm then here is what to look out for. A strong rejection from the 36k area AND failed support at 25.5k. If those two events occur, then there's a high probability of seeing the doom.

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That happened a lot quicker than expected. Now right on resistance. Some thoughts..

1) The momentum across the market is incredible. A move this quick was unexpected.

2) IF candle bodies start closing inside the bear flag, then this will be come a false bear flag signal. It does and can happen. That would catch a great many by surprise.

3) IF (2) becomes true the upward surge will be energetic. So many are on the sidelines still. When it is realised the isn't dropping to new lows then the FOMO begins. Emotions all over again.

4) Since miners stopped selling Blackrock is sucking up everything retail is giving them. There goes the white-paper Bitcoin maxis are keen to remind me of a distributed financial utopia. Wasn't the idea to stop money being controlled by the few?!

Wait and see... No trades no nothing, just wait for the market to point the direction.

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PS: IF candle bodies also start closing under the flag and following it, that is massively bullish.

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So many messages..

PSS: I already know the bear flag signal is going to false. Get the idea to 500 likes and beyond and the chart the reveals all will be shared belong. Will publish elsewhere in the meantime.

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The number of long ideas recently published is interesting... What does the probability tool say?
Would recommend longing again from 31k, where there seems to be a lot of volume waiting (probably Blackrock amongst others on OTC).


15hr

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The bear flag... see it? Price action has to see a strong rejection from the underside resistance for lower lows. Instead price action is entering the bear flag. This is happened very recently with alt-tokens such as FET entering a bear flag, resulting in many on the wrong side of the trade.

Laterally look below. The blue circle. IF this line cross up 40 AND prints green remains green, price action WILL print a strong upward move, look left.

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Long entry should be sought around 30.5k

Daily chart

Trade fechado: stop atingido:

36K resistance.. yeah Bitcoin bulls, am I a joke to you?

Next resistance is 42k.

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Day traders must be enjoying the market right now... honestly don't have the time for it..

1hr chart