That's precisely why such a low level is required. A market's goal is to shake out conviction.
$100k shakes out permabear conviction.
But $80k, $50k, even $30k will not shake bullish conviction.
It will take deep levels. When all bulls throw in the towel, THEN we re-buy. And MSTR bankruptcy may very well be a marker for that (like FTX was).
I'm working on alternate all-time counts. The only bullish count I can find breaks 2 EW rules so it's considered invalid. I need to look harder. I can find 2 valid bearish counts that each point to corrections of 70% to 90%. It's really dangerous here.
CappyNate🍁
npub1rr…9wudh
2024-11-24 20:43:50
in reply to nevent1q…z4y4
Author Public Key
npub1rr7vzwv4p2wvu0lwtmj0far08clsuvuzwlwv30xkj2euur55pp8qr9wudhPublished at
2024-11-24 20:43:50Event JSON
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