I've been expecting further shakeouts for a while, like the low $8,000s or further. Bears are running out of time though. If we don't see a significant breakdown by the end of September, it becomes increasingly likely this is just a time correction......a sideways flag rather than a sharp pullback. I'm still hoping for some buying opportunities in the next few weeks, but I'm losing confidence.
Yeah. I have been honest and not even brutally, and I still insist this crypto winter everyone was using as a label was far from accurate.
I definitely have been hoping for worse. I've always been reading about capitulation and despair but I didn't really see it. Lost quite a few old timers even but when you see the shillers still doing their thing and the Tom Lees still getting a majority portion of traffic then you know the optimism is far from dying.
I do want a purge. I'm ready to wait out a real crypto winter.
Think that's got any proper chance of happening?
I wouldn't hold your breath.
I think the market will at least build out a respectable Wave 5 to a new ATH like xxxx123abcxxxx has charted before we get another taste of winter. On the higher time frames (like the monthly) this is a raging bull market that's just spent 2-3 months flushing out profit takers and weak longs. The path of least resistance is north. The market is liable to keep chopping around a while, but in terms of the bigger picture, I'd say we're due to start heading north by next month.
