It was bound to happen sooner or later.
Sure this time is different - we have institutions accumulating - but institutions didn't become institutions buying tops.
After a stunning run that set ATH after ATH and more than matched the 2018 bear market, there just simply weren't enough willing new buyers above $40K.
I've never had need for the incredibly meta 2.236 extension before, but turns out it's a thing - that was our highest daily close:
We've just fallen 9000 points in less than three days which is pretty crazy.
What's even more crazy though is how insignificant and perfectly healthy this correction is:
It's just a healthy little 23.6.
Bitcoin could fall another 6K to the 38.2 and it'd still just be a healthy correction.
This is where the fun starts.
I doubt much of anyone was buying above 40K, but there's probably going to be some pretty serious board room discussions going on across the US tomorrow.
Our BeatingBitcoin strategy remains long from 19K, but bias is currently neutral as price is below the slow moving average - if we continue to trade below here for another day or two, the fast moving average will cross and we'll get a take profit signal.
Good luck out there!
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Yeah, I bought some at 32,500 and have an order in at 29,500 which it came just short of as of today's low. We shall see what happens over the next 24 hours.
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Nice catch!
This channel from the original breakout has been real noisy since we first broke above it, but clearly still in play:
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Hola,
Muy buen analisis, tenemos el mismo mapa de trabajo. Un buen punto de recompra seria los 27000$ - 28000$. Un excelente punto serian los 20000$.
Cuanto tiempo crees que tarde en llegar a esos niveles de precio.
Saludos.
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Hola, muchas gracias.
I am not sure we keep falling, we are still respecting major Fibonacci levels and the angle of the original breakout (see my reply to @scaredycatguide above), but if that changes, we'd hit your first set of levels very quickly - it's only 2 days of bearish price action at current volatility.
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If more would see this as you do they would definitely make more money.
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Seeing is only the first step!
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