- Bitcoin BTC / USD – Price: $ 20.095.00000 (Bitfinex)
There are market phases where fund managers, analysts and reporters simply get it wrong with their announcements. Sure, things like that can happen. As long as there is a correlation of what is said to the subsequent actual price action, it is good for the viewer and the reader. So in Jim’s case, there is a strong inverse correlation at the moment. Exactly at the most he recommended the purchase of oil shares. What happened to the oil stock prices? They fell exactly as he had recommended. As such, I gasped when I saw that it was suddenly so bearish on Bitcoin. It matches my technical review that I posted on June 18th. See copy of attached short message below.
Well, I’m not changing the technical evaluation. But still: Jim’s announcement was worth mentioning here. Anyone still short on Bitcoin and speculating on falling prices should beware. In the current market environment, I like to work with subtle gray forecast arrows. As the market environment brightens again, I will use thicker black and blue forecast arrows in the sketches as usual.
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BITCOIN Crash – El Salvador and Elon Musk are not happy
06/18/2022 – 12:56
A major double top pattern formed in 2021, a major bearish reversal pattern. The double top was triggered by the breakout of the USD 29,343 support.
The sell-off is so dynamic that even the support at $ 20,000 is demolished today. You have to keep an eye on it over the next few days to see if they settle into USD 20,000 and possibly try to hit bottom. Not until now.
A true break of USD 20,000 would trigger a subsequent sell signal towards USD 13,675. El Salvador will not be happy. Neither does Elon Musk: Tesla holds a significant bitcoin position, 43,200 bitcoin. (In recent months I have been commenting on cryptocurrencies almost exclusively on Guidants PROmax).