Look at the rounded top or mountain peak, above the blue line, once the action moves below the neckline there is no going back. The bearish move is confirmed.
We can see how a top pattern looks like from February/March 2024. We can see the exact same dynamics happening now. The only difference is that the current wave is much smaller, an inverted correction compared to the previous one.
So we get this inverted correction, it produces a lower high but it is still relatively strong. Just as we had a period of consolidation between June and September, we will have a new period of consolidation when the new low sets in.
How far down it goes? It is the same situation with Aptos and many other pairs, this is the part that will be highly variable. Some pairs will hit new lows compared to August, others will produce higher lows. It can be predicted which one it will be but this is not necessary for me. We just let the correction run its course and once it is over, we start all over but instead of betting down (selling), we buy-up (LONG).
Bittensor (TAOUSDT) is going down now, but this should be one final down-move as a correction before long-term growth. After this, we are fully in into the 2025 bull-market cycle. It will be a new beginning and we will have growth for years to come.
Namaste.
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