Cup and Handle, Bull Killer
Yes we had a bounce after the bullish flag, but can BTC really keep up the bullishness with a market crash coming?
Inflation theory is wrong, and here is why your favorite youtuber is not the one to listen to, Money was never printed by our government, instead it was created in the form of debt. Now considering the fact that we have established a turbo taper, by Jerome Powell, we are looking into a global financial crisis. Yes, look at the inverted bond yield curve, with 20 year yield being higher than the 30 year, and the Eurodollar futures curve inverted, I have no hope.
What happens to a homeboy that does steroids and goes to the gym, he starts looking like a bubble, and then after becoming a little sick from steroid overuse (in our case inflation), he goes to the doctor panics, and stops all the drugs, and deflates. Deflationary periods happen during crashes. Look at gold, it crashed with the stock market, but when it goes back up, it goes up higher than before, that's why I am bearish in the short term, but bullish in longterm. Look at the crypto covid crash. look at the daily following of BTC of S&P and you will know that we are tied by sailor knots that can't be untied that easily.
Therefore pay attention to the cup and handle, besides, there is not enough momentume for BTC to pump through EMA ribbon. it needs to go down more. I'd be safe and put my target at 40. I will be waiting for further confirmation for a short.
Inflation theory is wrong, and here is why your favorite youtuber is not the one to listen to, Money was never printed by our government, instead it was created in the form of debt. Now considering the fact that we have established a turbo taper, by Jerome Powell, we are looking into a global financial crisis. Yes, look at the inverted bond yield curve, with 20 year yield being higher than the 30 year, and the Eurodollar futures curve inverted, I have no hope.
What happens to a homeboy that does steroids and goes to the gym, he starts looking like a bubble, and then after becoming a little sick from steroid overuse (in our case inflation), he goes to the doctor panics, and stops all the drugs, and deflates. Deflationary periods happen during crashes. Look at gold, it crashed with the stock market, but when it goes back up, it goes up higher than before, that's why I am bearish in the short term, but bullish in longterm. Look at the crypto covid crash. look at the daily following of BTC of S&P and you will know that we are tied by sailor knots that can't be untied that easily.
Therefore pay attention to the cup and handle, besides, there is not enough momentume for BTC to pump through EMA ribbon. it needs to go down more. I'd be safe and put my target at 40. I will be waiting for further confirmation for a short.
Note
I would be watching the S&P closely in the coming days will it break the ATH, if it doesn't BTC bulls got no chance, if it S&P breaks all time highs then maybe I will have a much more positive outlook on the crypto market, that;s why I said I will be waiting for confirmation.Note
S&P ATH haha, they are crazy, BTC is gonna break 51500 and pump most likely, watch it, and you better exit your shorts, there is only last hope left for bears, and that's around 53k point resistance of the left shoulder. If that's broken too, bears have no hope, might be bears shot dead. And most likely gonna be broken because once we exit that trading range at 51800, we already at the top of it, bulls are gonna be in control, think about it break up from the range. But like i said watch it. On the other hand, highly unlikely at this point but if btc doesn't exit that range although we have green stock market days in the next few days, that might be a big sign of weakness of btc wanting tumble down. People know this s&p rally is wrong it's supposed to go down, but not now i guess. my bearishness is slowly dyingNote
so sad to see that head and shoulders is the last hopeNote
I would like to apologize to everybody for making a major mistake in my analysis, In the cup and handle pattern, HANDLE CAN ONLY BE ON RIGHT SIDE, hence if the handle plays out and breaks the top resistance it is a bullish sign, the only way cup and handle can be bearish if it's upside down.Note
I guess it did not wanna form the handle and break up that's good, Got into a short position BTC 47750 close on 4 hr, we finally below the ribbons too, expecting dump 2.0, seems to be forming a seconf shoulder as long as no bounce back up expecting consolidation around that level and a nice sharp break, today and tomorrow gonna be volatile days, good thing s&p closed slightly negative
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.