BITCOIN - Descending Triangle Wave 4

Jun 11, 2021

Having flip flopped a bit in the previous thread, I think I'm back on track with this projection - Bitcoin is in a Intermediate Wave 4 descending triangle, which will take crypto into the real bear market. This imo is a much cleaner count than what I had with the pennant. It never felt right how the E of the pennant popped out, but this one I feel is on the money, will not be broken and reminiscent of the long 2018 descending triangle - 6K, and we know how that ended. This as I have said before will probably be a truly devastating capitulation and I have a feeling we'll see all-time-lows on the daily RSI and other indicators.

Trend based fib time there as a marker, will perhaps be relevant.

I'm short right here and will hold into the next capitulation - just like last time.

Will update on targets later.

Not advice.

Jun 12, 2021

Note

Rejection complete. That's 5 clean touches now and this should be a solid structure from herein with price falling through the bottom at some point - maybe around end of the month.

Jun 23, 2021

Note

Press play and you will see price is back in the triangle. This is almost exactly what happened with the previous pennant which then collapsed on cue. I will be shorting if/when price reaches the upper trendline.

Jun 23, 2021

Note

...And good chance that will be as price hits 2.618 fib time on the 27th June. Not expecting a bullseye but I'd take it.