Poking out of the wedge pointed out earlier is not fatal. I don’t know when the liquidations will end, but I want to point out an important technical that $BTC is arriving at. It is possible to count the entire advance from its inception as a 5-wave pattern complete, and if the decline this year is concluding, it may be a wave “2” of supercycle (purple) degree. If it is, the most common retracement is 61.8% of its entire advance and we’re within a percent of that now (I’ve posted it on the chart to the penny, for precision’s sake).
I have no idea if crypto has a real future. I’m not interested in it much. But I do watch it closely as a measure of liquidity in the system. But, it will be very interesting to see if we get a powerful reaction to this important fib level. If—big if for now—this is a 2 of such high degree and crypto does, in fact, have a future, then the target for purple “3” is at least $125,000 (though Bitcoin tends to go way beyond typical fib extension so it could be much higher).
At any rate, it’s a very important number. Let’s see what it does here. If it does rally, it will tell us something important about the state of liquidity in the system, to say the least.
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