So what about BTC? Well, it's probably not going to save world.. Atleast not yet lol.
The longer we hang out here, the more a weekly bearmarket will be the reality. The weekly 200's will be resistance for as long as it wants to be. Looks like wave 5 will be coming afterall.
The lower we go or the longer we hang out here, the higher the probability will be that the 200EMA crosses below the 200MA.
So for as long as we are below the 200's we treat it as resistance and sell into it, just as the market has bought the dip each time. We are still a staggering 46% away from a 85% sell off from the top.
As I have mentioned before; the big one, where no one is talking about, is the confluence of fib levels at 6k. Yes we are far away from it, but we'll see.
I like my odds so far.
We'll see how far the retrace on this 5 wave structure will be. But with traditional markets looking extremely bearish and bitcoin being the worst performer over the past year this could get a lot more ugly then you might imagine.
Anyway, trade with the trend. One step at a time
On probably the most important chart for BTC the weekly 200 ema already giving us clues what is next.
It crossed below the 200sma for the first time ever on a BTC chart.
Add that to growing list.
This post is based on this twitter thread.