With recent failure at $29318, Bitcoin has undergone major invalidation to its macro wave pattern. Seemingly invalidating its impulsive form, I believe the King of Crypto is due to form a big wedge/diagonal/wyckoff pattern over the next number of years. Considering the ultra aggressive drop cycle we've all witnessed, I believe Bitcoin to also be in yet another more micro version of a diagonal move was well.
With 3 big waves stretching down from 68K > 28K, we could see a sizeable return to the range of $50-55K as a Wave 2 correction. Denial at this level would prove as confirmation (imo) to the yearslong downside cycle.
I guess its time to see how Alt Season really operates. Also interested to see how this affects Bitcoin's dominance on the market.
Transaction en cours
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last leg down in Wave 1 pending --
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Bitcoin has more pump and a dump towards 23K in store before this macro pattern kicks into gear.
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Ordre annulé
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portions of this macro perspective are incorrect based on reassessment.
will regenerate long term ideas. see DSTC for more timely updates.