On the BTC chart we can see that the price broke the all time high at 20k, which means that it was confirmed that 69k was the end of the 12345 8 year cycle.
Now it looks like we are on thew way down from the top and had the 1 2 3 4 legs, here we are at the top of the last 5 structure down leg.
In theory, the price can drop to 0, but I am taking into consideration the elliott channel which puts the price bounce around 8k at its lowest
Still have 1 open CME gap open at 9.8k on the daily chart
From what I can see the next drop could be a nasty one down to 11k which is HUGE support. It will be tough to break that.
FOR NOW I am very bearish
Now it looks like we are on thew way down from the top and had the 1 2 3 4 legs, here we are at the top of the last 5 structure down leg.
In theory, the price can drop to 0, but I am taking into consideration the elliott channel which puts the price bounce around 8k at its lowest
Still have 1 open CME gap open at 9.8k on the daily chart
From what I can see the next drop could be a nasty one down to 11k which is HUGE support. It will be tough to break that.
FOR NOW I am very bearish
KRJcrypto