Thread by @RevoltCap

#Bitcoin update May 17th 2021

first off, repeat after me:
NO THIS IS NOT THE MACRO TOP
NO THIS IS NOT THE MACRO TOP
THIS IS A BTFD MOMENT
THIS IS A BTFD MOMENT

1. This is 2017 all over again guys, good times, yeah!

2. If you've experienced the entire 2017 run you'll know by now that there's a high probability this is a BTD moment.

3. $BTC corrected 35% on strong FUD, multiple themes playing around (USDT FUD, ELON BS, Binance prob). This is crypto!

Even after we've reached a 2.5tn mcap the market still is insanely volatile and that's why this market is so interesting

4. $BTC is on firesale and we haven't seen any macro top signals yet, if you have the stomach for it this is the moment to take on some extra risk (this is what I've done, so like always no financial advice)

5. What do I see?

- Market bounced on Elon clarifying Tesla didn't sell more $BTC
- 200 EMA (daily) has been touched (strong support)
- E2E on the Ichimoku cloud played out
- 4hr bull div still intact
- With a close around 45K daily bull div still possible

6. These situations usually take some time to resolve, I see 3 different scenario's:

1. FUD blows over and V-shape recovery: 10% probability
2. 1-2 months ranging (potential wick down 38-40K, but I doubt it): 60% probability
3. Multiple month consolidation: 30% probability

7. Lots of stuff is happening in the background and we see fear levels we haven't see for a long time. Usually, that's a good moment to buy.

8. All this reminds a lot of the 2017 mini crashes/corrections, after which the markets always bounced back until we had a parabolic $BTC run with a real blow-off top

9. All of the important indicators that could signal a top haven't done so

This correction can take a while or can be over quickly but I'm 99% sure the top is not in and we'll see 100K $BTC within the next 12 months

Zoom out and relax🔥