Since the March 2020 breakdown, my leaning has been that our large coins are unlikely to achieve escape from the bear market that started with the 2017 top in Bitcoin -- and now I suggest we’ve seen the 2020 rally complete.
On March 12, we saw a broad Crypto crash. Not only did Bitcoin breach $7125, support for the potential wave 1 and 2 off the December 2019 low, but breached $4300, key support for the 2019 wave 1 and 2 of higher degree.
Bitcoin broke over resistance, so I favor a bottom being in. However, we still need to see it bounce between support and resistance until it fills in five waves in order to set up the next big break out over $10,500.
The same indicator that told me yesterday would fail is showing the opposite today. But more than that, we starting to see shallow consolidations up against key resistance levels. This is a market trying to break upward.
The bottom line is the long term is fine until the key levels mentioned above in Bitcoin, GBTC and Ether are taken out. But now that local support is taken out, you have to ask if you also want to suffer a stop out there as well.
What I love about EW is you know when things go wrong and you know when to get out of a position at minimal damage...it has helped so much in my RR work
""Kenneth_Aydt" - Trading Room" - 2019-10-03
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""Franchise"" - Trading Room2020-03-16
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""Bcindc"" - Seeking Alpha2020-03-09
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""Blue Chip Investing"" - Seeking Alpha2020-04-12
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