As awful as it is to contemplate, if you are long BTC, this is what I think is happening in the market.
11/10/2021 was the end of a major cycle, and per EW theory, 3 waves, (at least) then correct the cycle. So far, for sure one of those waves, Wave A, is complete. And I suspect that Wave B is also now complete. If so, that means Wave C is beginning. It will likely take us to the Wave A low, or thereabouts.
Looking at the Wave B advance, it was great if you got long at the low. BUT it sure looks like a corrective wave doesn’t it?
I speculated on our Telegram channel a few weeks ago that the BTC ETF that people were so bullish about might be a sell signal (Buy the rumor, sell the news). And it now appears that was the case. I note that the peak was ~ 49k, which of course is a natural square.
The bad news is that BTC and the entire crypto market for that matter, will likely fall for an extended period. The good news is that we are (by my count) ~ 2/3 the way through the correction that started some 26 months ago. We are getting there. Slowly but surely...
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