BTCUSD back into the triangle
BTCUSD failed the Adam and Eve reversal earlier than anyone anticipated. Myself and most traders expected a symmetrical 11.8k completion which would have drawn alt season out to about June which corresponded with alt coin talking heads' expectations on Twitter. The puzzle pieces seemed a little too tidy.
A failure of the Adam and Eve formation should result in a new low around 5.5k. My expectation is we'll see a capitulation at 5.5k modeled by a sharp 'V' bottom followed by a tepid rally and into sideways action for a few weeks followed by another 'V' bottom around 5.5k and into another multi week sideways range until we break above consolidation and begin a parabolic run to about 100k next year.
A failure of the Adam and Eve formation should result in a new low around 5.5k. My expectation is we'll see a capitulation at 5.5k modeled by a sharp 'V' bottom followed by a tepid rally and into sideways action for a few weeks followed by another 'V' bottom around 5.5k and into another multi week sideways range until we break above consolidation and begin a parabolic run to about 100k next year.
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