We were watching a falling wedge on declining volume and anticipating a move to 66.5k. We got the breakout, had a nice spike in buy volume, made a uptrend high, and got to 65k. It was looking really good actually until it got rug pulled. This invalidated the setup and I don't see a new setup atm.
I've been watching all this as a massive consolidation for continuation to 90k. I was expecting some long drawn out sideways price action for another 7-12 weeks before the bull market started but it seems we are dumping first. Its fair to say this massive pattern is breaking down instead of continuing. The target for this breakdown is 50k. We may bounce a litttle earlier than that but thats the target for now. From there, I am going to look for a massive bounce and some consolidations before actually starting the bull market and heading to 90k
I've been watching all this as a massive consolidation for continuation to 90k. I was expecting some long drawn out sideways price action for another 7-12 weeks before the bull market started but it seems we are dumping first. Its fair to say this massive pattern is breaking down instead of continuing. The target for this breakdown is 50k. We may bounce a litttle earlier than that but thats the target for now. From there, I am going to look for a massive bounce and some consolidations before actually starting the bull market and heading to 90k
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We dumped with the stock market
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Here are the time frames for the beginning of each Halvening. After each one, it took 7-14 weeks after for the uptrend to begin. We are only a couple of weeks out from the this years halvening so we have another 7-12 weeks from the true beginning. We are looking between July and August before it begins