It is the first time Bitcoin goes red for five consecutive days since May 2023. Coming out of a major high, it is the first time this happens since the 2022 bear-market, what is happening here?
Is Bitcoin setting itself up for the biggest crash since mid-2022 or are we witnessing something else?
Two instances earlier this year produced 5 days red. In August to complete the major crash and also in June halfway through a bearish move, this has never happened right after a major high/peak.
This can signal that a sudden surprise reversal will happen and we won't see any more red and Bitcoin will grow rather than crash. Or, we will witness the biggest crash in years. The latter is the most likely scenario.
We know a major drop/correction has been in the cards for the longest time ever and now we have this development, something not seen before. The rounded (inverted cup pattern) top is in and you know how this work. Once the action moves below the neckline there is no going back, how far down can it go?
A new All-Time High or higher high recently would have been very positive for Bitcoin and would have changed our map, instead of waiting for the super low targets we were expecting, things would change; but, we do not have a new ATH but instead a technical double-top and lower high long-term. This can signal that all the targets we established before are valid and active, but we have to wait for this day to close.
It is still Sunday, the week is not over and the market is wild and can move to produce shakeouts in any direction. So it can happen that it moves back above 70K and grow. Again, when we look at the Altcoins, we know that this is not so because they are all down now and this confirms Bitcoin as bearish, thus we don't have to guess anymore.
Thanks a lot for your continued support.
