Bitcoin (BTCUSD) Bearish Weeks Incoming Before Lift-off
With BTC hitting 57K+ as of right now (12th october) the crypto market seems to prepare for the next huge bullrun. BTC broke almost all resistances and is close to the ATH. But you can also feel lot of nervosity and FOMO. People are euphorically buying, feeling safe and want to stack up on their BTC and altcoins. Here is why we see possible downside before we lift off:
1. FOMO and euphoria leads to people rebuying btc and altcoins at peak prices.
2. Possible future Head and Shoulders formation.
3. 61.8 Fib level aligning with the possible Head and Shoulders neckline.
4. High Candle Coefficient of 12 right now. The higher it gets, the sooner you can expect a correction.
If the Head and Shoulders completes we can expect a price drop to the 22K-24K range before the huge bullrun will start. If that happens, altcoins like Ethereum, Cardano, Solana etc. will most likeley follow.
1. FOMO and euphoria leads to people rebuying btc and altcoins at peak prices.
2. Possible future Head and Shoulders formation.
3. 61.8 Fib level aligning with the possible Head and Shoulders neckline.
4. High Candle Coefficient of 12 right now. The higher it gets, the sooner you can expect a correction.
If the Head and Shoulders completes we can expect a price drop to the 22K-24K range before the huge bullrun will start. If that happens, altcoins like Ethereum, Cardano, Solana etc. will most likeley follow.
