Worrying that the market has topped again?

Well, that is definitely not how it looks to me.

Imo, the market is looking primed for another leg up pretty soon.

Check out these charts and see for yourself 👇

1. $BTC Chart

Bitcoin is now well and truly within its markup phase. Prior to this breakout, BTC completed its longest period of consolidation ever, which almost always equates a very strong and aggressive breakout, that isn't over within the first leg.

As of now, after pushing over 50% from its previous ATH, BTC is now putting in its first major correction.

As you can see from the chart below, BTC completed it's first correction in 20/21 Bull run between its 5th to 8th week of the bull run, retracing a total of 30%.

This time around, $BTC begun its correction on the 6th week, and will likely range for a few more weeks before breaking higher. 

I am not expecting the correction to be 30% like the previous run as $BTC is much larger, and diminishing returns works both ways. Maximum of 18%-20% is what I am expecting here(currently 15% on this correction).

Now...

Zooming out, we can see that $BTC ranged from previous ATH, to breaking upwards into price discovery, for a total of almost exactly 3 years.

An asset doesn't simply consolidate this long, and only push higher for 5 weeks. We can also note that the Pi Cycle top indicator hasn't alerted us yet, and this has been correct for the previous two bull runs.

2. BTC.D Chart

BTC.D begun its breakdown 5 weeks ago from a 2yr period of trending upwards. 

What seems very clear to me here is that BTC.D is putting in a retest of the broken level, and confirming at resistance.

"But Syko, if BTC.D is going to drop, how can BTC push higher and lift the market up? Doesn't that mean we've topped?"

No.

And this is almost exactly a repeat of what happened in the last run...

Check this out.

During the previous fist correction in the 20/21 Bull, $BTC completed its first bearish retest of the broken low within the first $BTC correction.

It then went on to totally break down, whilst $BTC continued to push over 100% more to $69k.

The exact same thing is happening here.

Continued below 👇