Forecast Analysis 4.17.24 From The CryptoUnderground

By TheDarkSage | The Crypto Underground | 17 Apr 2024

The first thing catching your eye on the BTC chart right now should be that blue line - that's my predictive price mapping out what could be a nasty move to the downside. Based on its projections, we're likely setting up to bust below 60K and put in a new swing low for this whole pullback.

Beware The Freefall!

Wouldn't surprise me one bit if we freefall straight through the 55K zone without much stopping us. That level acted as support a while back, but with the amount of distribution I'm seeing on the order books, crypto Twitter gets awfully quiet during periods like these.

The one potential wildcard is we've got the halving coming up on April 19th - that's just two days away now. You know what kind of volatility those events can bring...some big players may want to front-run that action. So I'd expect us to at least put in some temporary floor around 60K until after the halving, before potentially getting uglier.

Are Covid Levels Possible?

But from there? Unless some high-conviction buyers show up, I'm not ruling out a complete retracement of this entire move back to the low 50s. We may even wick down to those COVID panic lows for a brief moment if things go full doom & gloom mode.

Now does that mean I'm outright bearish and calling for a new bear market? Not necessarily - I still think we're in the broader uptrend. But I am preparing for the possibility of a nice flush out to really squeeze the light buyers and tourists. Give the OGs another chance to go accumulation mode before the real fireworks potentially later this year.

Too Bearish?

Of course, this is all just my current read based on the signals I'm seeing. The market could always have other plans - that's why we never go all in with too much overexposure. Going to keep managing risk accordingly and not get too ahead of myself. But as of now? Betting on the further downside, with 55K being a realistic target to consider. What do you think - am I being too bearish or just realistic? Let me know!

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Cryptocurrency Investor, Trader, Staker, Pooler, Farmer, Miner, and I am only sharing my opinion based on a modified Wyckoff Method and 20 Plus years of trading experience in Stocks, Forex and Crypto.

The Crypto Underground
The Crypto Underground

Welcome to "The Crypto Underground" ⛏️ – your go-to source for exploring the world of cryptocurrencies, daily technical analysis using a modified Wyckoff Method. DISCLAIMER: All of The Crypto Underground Posts are based on my opinions alone and are for informational purposes ONLY. YOU should not take any of this information as guidance or advice for buying or selling any type of cryptocurrency. I am not a financial advisor and anything that I say on this channel should not be seen as financial advice.

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