It sidelined.
There happened a double top, but the demand is so high that it sidelined instead of falling. That's why bitcoin is challenging TA, because of demand which is much higher than any stock. The demand will make it hard to short.
Now theres CME by 18th December, maybe we will have more money flowing in, and the price will go to 20k.
There happened a double top, but the demand is so high that it sidelined instead of falling. That's why bitcoin is challenging TA, because of demand which is much higher than any stock. The demand will make it hard to short.
Now theres CME by 18th December, maybe we will have more money flowing in, and the price will go to 20k.
Yes thats what is freaking me out, it doesn't make any sense. A parabolic run up like this has *always* ended with a significant correction in the past, followed by a longer retrace and then a new bottom higher than the previous ATH, to springboard off.
The fact its just raced up to here and is now going sideways is what led me to speculate that somebody else with big pockets saw the top was in and is now holding the price here, accumulating, ready to do something. What? I don't know.
The difference here is it may not be done with the parabolic move. Think about how much slower the market moves now. The individual waves I mean, not the absolute price change. So this is just a longer corrective move within the larger parabola. I'd say don't beat yourself up over it, on breakout, buy back and ride it up to the next level. You are right in saying a move like this will end in bear market. It definitely will, but where the vertical rise ends is anyone's guess. I am expecting something closer to 60k before we get actual sustained bear market for a period of time. But that still isn't the end of the larger impulse, imo.
Now, if we hang out here long enough, then that 60k figure rises. This consolidation only strengthens the longer term trend
