@SimplyCash, watch for a deep pullback once this algo target is attained
we could overshoot it by a bit, but what comes next will be telling of where this goes after. i'll post an update when it comes ~
SimplyCash
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@Eloquent, Your statement implies a commensurate "deep correction" in bitcoin as well. Is that accurate?
Eloquent
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@SimplyCash, if i'm correct, it should be across every single market, not just crypto
we still have a solid bull case for btc, but giving the current worldly circumstance it could get invalidated easily.
once btc hits around 49~51k, we should see a dip down to around 36k give or take - if this area gets broken, i could say with a high level of certainty that it will see the low 20k's (which wouldn't be very pretty for the miners in the short \ mid term)
now if buyers do come in via this golden zone, we will see a push up into the 100k's by years end.
I'll be shorting the 50k area \ will take 50% profit in that mid 30k range & watch price action from here. if market maker so chooses to continue this run, then i'll just flip long down there and ride the wave into the skies 💸
SimplyCash
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@Eloquent, Nice plan and I believe that I do agree with those scenarios that you mentioned. Lots of headwinds heading into 4Q and once big money chooses a direction, they will go full blast mode.
joyfulStork18582
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thanks for sharing! Just curios, how is your golden zone at $23? What levels did you use for the Fibonacci retracement?