Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Seems like the market formed a double top. There may be a small dead cat bounce but after that it’s only down I’m afraid. Welcome to the next long crypto winter. You should sell everything & sit on the sidelines, ready to buy back sub $10,000 in 2023.
It was fun whilst it lasted but the top is in. Sell everything now before the long crypto winter engulfs you.
It was fun whilst it lasted but the top is in. Sell everything now before the long crypto winter engulfs you.
Seems like you have no clue what a double top is.
Hint: second top is lower than the first.
But hey, if you still believe in sub $10k prices, i just wish you HFSP
I'm in a kind of bad mood today. This is the nicest answer to this bullshit post that i could write up.
Technically price has (so far) formed a double top on a Weekly time-frame. Double tops aren't where price is exactly the same, but when they are close enough prior to a reversal (such as <3%).
That said, Bitcoin has never ended it's mid or long-term bull markets with a double top, especially 6 months apart, so I find it highly unlikely this will be the case this time around.
$10K is otherwise an insane price to be targeting. $10K would more likely yield $1K prices with a definite bubble burst than a new low, as it would invalidate 10 years of price history.
The 200 Week MA that price has never broken below in the past 6 years is currently >$15K
This is just the fakeout for the "double top believers" and traditional traders prior to new ATH
I prefer the theory that double tops are meant to be broken, as it weakens resistance...