Once we invalidated the elliott wave count with that plunge sub $53K I went bearish.
Yes, we're holding 200D MA and 50W MA but the double-top has created impenetrable resistance now IMO. That wick to $42,000 cleared out a lot of support. We bounce of the double-MA support zone but then that's it. China is liquidating due to evergrande, 40 year high inflation is going to pump the breaks on all borrowing, and the "smart money" has been out of the markets for months.
We pump for 7-10 days then it's all coming down. Crypto regulations in 2022 in the USA will put a damper on any optimism and this rally is exhausted. Still SOOOOO much profit on the table from 1 year ago. Trade safe...
Yes, we're holding 200D MA and 50W MA but the double-top has created impenetrable resistance now IMO. That wick to $42,000 cleared out a lot of support. We bounce of the double-MA support zone but then that's it. China is liquidating due to evergrande, 40 year high inflation is going to pump the breaks on all borrowing, and the "smart money" has been out of the markets for months.
We pump for 7-10 days then it's all coming down. Crypto regulations in 2022 in the USA will put a damper on any optimism and this rally is exhausted. Still SOOOOO much profit on the table from 1 year ago. Trade safe...