The failure of the potential contracting triangle with reverse alternation forces us to move on to the next most likely possibility which is that a diametric is now forming here. This means that wave-E should be time similar to waves-C and B, which places the time target in the middle of January. Also wave-E is likely to be quite large as we could see a large capitulation of miners which could bring us to around 4k, under the cost of mining for 80%+ of miners, causing many over-leveraged miners to go bankrupt. After many miners are forced to shut off their machines and sell their coins/machines to pay back their loans, a lot of the sell pressure that they're currently causing will be eased, and it will allow the market to float back up to around 10-20k range, before we see another correction to under the cost of mining at the end of 2020. After this huge 3 year whipsaw the weak hands will be sufficiently shaken from the market and we can begin the next major parabolic bull run that brings us well above the current ATHs.
Order cancelled
No break down yet so best to be neutral.
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Find me on x.com/intuit_trading
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.