Good morning all. The daily candle closed bullishly last night there. The daily rsi is showing bullish divergence.
But $60,800 is a resistance bitcoin can't break yet. It'll be a very interesting week.
I swear this market is trolling us. Every bear market gets a summer rally, and the timing is always strangely similar. After watching it happen over and over, you have to at least respect the pattern.
We've successfully closed the weekly below the 200 SMA. Once this happened before, which was also in June of 2022, we ended up quickly retesting the 200 SMA then followed by a 38% drop.
I expect a possible retest then eventually massive capitulation.
I begin to DCA near $50K.
@adelbucetta Exactly sideways markets are where overleveraged traders get punished the most.
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@rvsunbothered Facts. Most liquidation stories begin with, "This trade can't fail."
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The chances of an expanding diagonal playing out for Bitcoin is extremely high.
If this scenario plays out, I'd liquidate every asset I own, get a multimillion dollar loan from the bank, then take everything leveraged into a 9 figure long.
Then I'll be a crypto billionaire.
@MindMathMoney Exactly the count can always be relabeled. The real question is whether the call was right.
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The history of bitcoin across all three bear market show that from an Elliot Wave theory perspective, once the B wave forms, the C wave eventually parabolically drops.
Even if a temporary support is found, it'll be extremely short term.
All relief rallies will fade.
Stay safe.
@og_bears@PhilakoneCrypto Exactly 😂 testing a level isn't losing it. Support only breaks when it actually breaks. Until then, it's just doing its job. 👀
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@lockintrade Exactly FOMO isn't just buying pumps it's also forcing longs into breakdowns. Risk management first, opinions second.
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