A long, long time ago, on December 29, 2021, a day that will live in famy, I wrote the following:
So about this 38,000 point trading range on Buttcoin (BTC). Consolidation or Top?
First, before I tell you the answer, I want to say this about that.
“38,000 point trading range.”
LOL
There, now don’t you feel better.
OK, so the answer my friends, is not blowing in the wind of crypto trader chat rooms. My answer is blowing out my you know what.
It’s a top.
But certain things need to happen to support that view. The most important of those is that it needs to break down. Call me Captain obvious.
The first support level that needs to break is 45,540 or fight. Then the top view becomes a little more weighty.
But we can see that BTC is at a fulcrum here, aka an inflection point. Up from here, and the bulls have the upper hand. But unless they clear 52,300 with force, they got nothin.
And if it breaks the 200 day MA, which is now around 47,000, bears’ ball.
Now it is time to update this story of Crypto night, or Cryptonite for short. Apparently Lex Luther has neutralized Superduperman Buttcoin and other cryptos are sure to follow the leader, as supply of crytos grows exponentially while demand doesn’t. In fact, I would venture to guess that demand is now going in reverse, as cryptos head for their inevitable date with Zero.
Here’s the latest chart with near to intermediate term price projections, met, and yet to be.
