Good day Hiveians!
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For almost 2 months I have been talking about the "Bezos" Rally and how there is still too much time for an early market run up
Some weeks ago, BTC encountered the rejection that seemed quite likely after we had similar movements in the past. With the strong correction yesterday which was basically a flash crash, I think it is quite safe to say that the anticipated macro correction has been confirmed.
Let's have another look back at what we were saying: After the breakout from the high 20s, there was news about amazon and cryptos again. I think this contributed in the rally we saw thus far (hence the "Bezos" rally). Together with some other factors, this led me to speculate that we were in for a possible bigger correction still.
The "quadruple" resistance that was necessary for this macro scenario to play out has so far held:
We then identified a possible pattern of "threes" which led to this prediction:
We also speculated about a possible fourth wave which has now been confirmed. I think this concludes the "B" wave in the ABC correction bringing us most likely back to 30k, if not the 23k price range. This would be a perfectly healthy correction. There is nothing bearish in that sense as we should be heading back to this level before heading into the late and final phase of this bull market in 2022.
I would expect a zigzag movement continuing downward from here on. However if so, this is a great buying opportunity. Just make sure that you don't go all in too soon. This bigger correction will probably last for several weeks if not months. I am still expecting the late bull run to start at the end of this year and last until the middle of 2022.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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Maybe next rally can be Gates or Apple rally
Haha yes
Nice post again, we had triple bearish divergence also calling for a pullback, now most coins are testing 200 daily ma. Bounce or dump incoming..
Thanks! Really interested to see what Hive is going to do. If the weekly candle ends in green could we actually be testing the 2 $ range?
Yea Hive been crazy :), just been going up while market correcting..
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STOPCheck out the last post from @hivebuzz:
It is definitely a calm let's wait and see kind of situation isn't it? At least I hope I have read your post correctly being a bit of klutz with sharemarkets @tobetada.