$BTC $BTC.X Clear Top Beginning to Form $COIN IPO Failure Indtor
Regardless of your feelings when it comes to crypto, one thing remains true if you've been trading it since the beginning, and that is it trades in cycles. It is a very cyclical system that has made hedge funds and big money profit from the yearly or bi yearly tops and bottoms.
They load at the mining incentive level which doubles up every halving and sell at 10-20x that amount. Rinse and repeat.
The last level was around $3,500 which was almost exactly the bottom of the last consolidation period the one before that was $1,200 the next one will be around $7,000 suggesting Bitcoin would consolidate down to around $7-$10K
The current trend may or may not hit $70K but I can almost guarantee if $COIN continues to drop, the entire crypto sector will follow.
It is always easier for a person to be convinced to sell than to buy an equity and with the prevailing circumstances with Crypto RSI's at severely high levels, $BTC at 20x the bottom of the last consolidation period and a year into the current run from where it took off, which is generally where it begins consolidating, this all spells the top IMO.
They load at the mining incentive level which doubles up every halving and sell at 10-20x that amount. Rinse and repeat.
The last level was around $3,500 which was almost exactly the bottom of the last consolidation period the one before that was $1,200 the next one will be around $7,000 suggesting Bitcoin would consolidate down to around $7-$10K
The current trend may or may not hit $70K but I can almost guarantee if $COIN continues to drop, the entire crypto sector will follow.
It is always easier for a person to be convinced to sell than to buy an equity and with the prevailing circumstances with Crypto RSI's at severely high levels, $BTC at 20x the bottom of the last consolidation period and a year into the current run from where it took off, which is generally where it begins consolidating, this all spells the top IMO.
