$BTC Short term bias = downside: $53-54k first, $46-48k next
Sentiment at extreme highs and the chart not looking great. One thing that has been bothering me about this run since October is how we've never tested $48k or $52k as support on the way up.
Today we had all markets show weakness, TLT showing strength (as seen on my recent analysis), and $DXY completing an inverse head and shoulders breakout... all the signs are there that the market should correct from here. I went short on the $NDX on Monday from the chart showing weakness-- so far it's been playing out well-- and now all the signs are aligning that we should see follow through (TLT and dollar rallying). I don't think crypto will escape a corrective move, should the market continue to show weakness.
From here, I think we're likely to rally into the weekend trying to make people believe that the market is going higher from here, and then early next week (either the 15th or 17th pivot), start dumping down to $53k. I think we'll get a bounce higher there, but eventually roll over again, completing the corrective move of $48k sometime in early December. That should be a great area to buy $BTC.
From there, there are scenarios I'm weighing, but let's see how this idea plays out first.
I'm selling out of my alts and getting back into cash here to buy this dip (should it play out).
Today we had all markets show weakness, TLT showing strength (as seen on my recent analysis), and $DXY completing an inverse head and shoulders breakout... all the signs are there that the market should correct from here. I went short on the $NDX on Monday from the chart showing weakness-- so far it's been playing out well-- and now all the signs are aligning that we should see follow through (TLT and dollar rallying). I don't think crypto will escape a corrective move, should the market continue to show weakness.
From here, I think we're likely to rally into the weekend trying to make people believe that the market is going higher from here, and then early next week (either the 15th or 17th pivot), start dumping down to $53k. I think we'll get a bounce higher there, but eventually roll over again, completing the corrective move of $48k sometime in early December. That should be a great area to buy $BTC.
From there, there are scenarios I'm weighing, but let's see how this idea plays out first.
I'm selling out of my alts and getting back into cash here to buy this dip (should it play out).
Commentaire:
First target hit. Now we should see a bounce higher before heading lower
