expanded flat into an ABC towards UTAD 74k by mid July
Hi guys,
so my previous charts are still pretty much valid but instead of a running flat or regular flat what I expected, we are doing an expanded flat
mainly because of the sh*tshow we saw with Terra Luna and their flawed pegging system
which creates this super bearish sentiment on the market, which in my case makes things super bullish for me
since everything is so extreme and this really looks like capitulation, I think we bottomed here or we are very very near bottom with 1 more small leg down
overall since this is capitulation, I do expect a quick reversal and new ATH within the next 2-3 months, yes you heard that right :)
so I think will be off by 2 months due to the Terra effect but still expecting 74k range soon and after that bearish once again :)
reasons why I am bullish:
- fear and greed at absolute extreme low (10 today)
- hash rate at all time high, price follows the hash rate (in delayed fashion)
- clear capitulation last 72 hours, everyone who wanted to dump did dump, and we saw billions in liquidations, which turned open interest low
- who ever attacked Terra, can rebuy now cheaply and repay that 100k btc loan they took, pushing the market back up, and they probably will buy even more since they made a billion usd in profits (give or take)
- Bitfinex longs at an all time high, these Tether guys know what they are doing -> check their previous hitrate
- DXY went parabolic the past few months, at one point that curve is going to crash down fast and hard
-The Dang Oracle
so my previous charts are still pretty much valid but instead of a running flat or regular flat what I expected, we are doing an expanded flat
mainly because of the sh*tshow we saw with Terra Luna and their flawed pegging system
which creates this super bearish sentiment on the market, which in my case makes things super bullish for me
since everything is so extreme and this really looks like capitulation, I think we bottomed here or we are very very near bottom with 1 more small leg down
overall since this is capitulation, I do expect a quick reversal and new ATH within the next 2-3 months, yes you heard that right :)
so I think will be off by 2 months due to the Terra effect but still expecting 74k range soon and after that bearish once again :)
reasons why I am bullish:
- fear and greed at absolute extreme low (10 today)
- hash rate at all time high, price follows the hash rate (in delayed fashion)
- clear capitulation last 72 hours, everyone who wanted to dump did dump, and we saw billions in liquidations, which turned open interest low
- who ever attacked Terra, can rebuy now cheaply and repay that 100k btc loan they took, pushing the market back up, and they probably will buy even more since they made a billion usd in profits (give or take)
- Bitfinex longs at an all time high, these Tether guys know what they are doing -> check their previous hitrate
- DXY went parabolic the past few months, at one point that curve is going to crash down fast and hard
-The Dang Oracle
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