Bitcoin - The next crash is coming! But first, bullish action.
- The next crash is coming for the price of Bitcoin, but first we need to correct the recent downtrend! This correction can be pretty significant up to the 0.618 FIB retracement, which is at 27,609. You probably want to set your limit orders to short BTC at this level!
- After a bullish correction, I expect another huge crash, kindly to 20k. But of course we are not going to go down in a straight line; there will be a lot of bullish corrections, so you need to be clever on when to short Bitcoin.
- Resistance 2 (start of the GAP + 0.618 FIB) is at 27609, and Resistance 1 (end of the GAP + 0.382 FIB) is at 26406. I see only these 2 levels where the bears should step in again!
- Above the current price, we have an unfilled CME gap exactly between resistance 1 and resistance 2. These gaps tend to be filled, but of course, it's not mandatory.
- Bitcoin spiked significantly last week on the GBTC news; a lot of people were really optimistic and bought the pump, but a huge crash followed. It's similar to the XRP news: XRP pumped by 100% and then went down below the starting point of the pump.
- From the Elliott Wave perspective on the chart, we can see a strong impulse wave, which is a sign of weakness for the price. The expectation is that we need to make an ABC bullish correction before continuing to the downside in the downtrend.
- This is my current outlook on BTC; I am still bearish, but we need to open short at higher prices!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Kommentera:
It's taking some time, but patience is the key. If BTC's chart is unclear, we can take a look at the ETH chart. Ascending triangles are usually bullish patterns.
Kommentera:
Another very important pattern that is printing on the BTC chart is this Head and Shoulders pattern. Keep that in mind! It's really important.
As per my Elliott Wave analysis, we still need to go up to complete the C wave.