- We had a roughly 40% drop from the prior high
- We have gone through an ABCDE correction with declining
- And the is overbought on the daily
I've overlaid the exact price action from ~20k to 6k -- denoted by the 51 bar time range -- and in log it fits strikingly well!
As I said in my title; is this confluence that we will continue to the downside, or is it my own confirmation bias looking for more evidence of a bear market? I believe it is the former, but the following would confirm:
I believe those are the only 2 necessitating conditions for us to see significantly lower priced BTC . See https://www.tradingview.com/chart/BTCUSD/djtqmprI-I-become-death-the-destroyer-of-worlds-BTC-to-3k/ and https://www.tradingview.com/chart/BTCUSD/KhkYOqxo-The-facade-of-a-falling-wedge/ for my thoughts on targets as much of it remains unchanged.
So what would invalidate this?
I forgot to mention there was a lot of shorts which are now being squeezed, which has exacerbated the price rise.
Lets see how far this goes.