Bitcoin Technical Analysis - Bearish Scenario & Elliott Wave
Bitcoin Technical Analysis - Bearish Scenario & Elliott Wave Count
Greetings traders and investors,
Current Analysis:
The current BTC scenario appears bearish. As discussed earlier, I highlighted the likelihood of a significant dump. I hope you adhered to the warning and avoided long trades around $70,000 - $72,000.
Chart Analysis Recap:
The chart shows a clear bullish pennant formation, usually indicating a bullish trend. However, based on my experience, the market often moves contrary to expectations.
Pennant Breakdown:
#BTC briefly broke upwards before a fakeout and a subsequent breakdown below the bullish pennant.
Critical Breakdown:
After breaking below the $66,000 level, #Bitcoin dropped further past the red trend line and retested $67,400. Many traders, fearing missing out, opened long positions at this level only to be liquidated shortly afterward.
Elliott Wave Count:
We're currently in the 5th count of a fresh Elliott Wave and the 3rd sub-wave count. Expect a slight upward move to fulfill the "A" and "B" count.
Upward Move:
Expect a short-term pump towards $61,000 - $62,000.
Major Dump: Post-pump, BTC could dip further to $50,000, with potential dips toward $45,000.
Support & Resistance Levels:
Support: $51,000 / $42,000
Resistance: $62,000
Note:
If BTC breaks above the $62,000 resistance, the Elliott Wave count could change, then i will update.
Like & share if you agree with my Analysis
Trade safely,
Greetings traders and investors,
Current Analysis:
The current BTC scenario appears bearish. As discussed earlier, I highlighted the likelihood of a significant dump. I hope you adhered to the warning and avoided long trades around $70,000 - $72,000.
Chart Analysis Recap:
The chart shows a clear bullish pennant formation, usually indicating a bullish trend. However, based on my experience, the market often moves contrary to expectations.
Pennant Breakdown:
#BTC briefly broke upwards before a fakeout and a subsequent breakdown below the bullish pennant.
Critical Breakdown:
After breaking below the $66,000 level, #Bitcoin dropped further past the red trend line and retested $67,400. Many traders, fearing missing out, opened long positions at this level only to be liquidated shortly afterward.
Elliott Wave Count:
We're currently in the 5th count of a fresh Elliott Wave and the 3rd sub-wave count. Expect a slight upward move to fulfill the "A" and "B" count.
Upward Move:
Expect a short-term pump towards $61,000 - $62,000.
Major Dump: Post-pump, BTC could dip further to $50,000, with potential dips toward $45,000.
Support & Resistance Levels:
Support: $51,000 / $42,000
Resistance: $62,000
Note:
If BTC breaks above the $62,000 resistance, the Elliott Wave count could change, then i will update.
Like & share if you agree with my Analysis
Trade safely,
Twitter: twitter.com/CryptoPatel
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Telegram: t.me/OfficialCryptoPatel
Instagram: instagram.com/cryptopatel?utm_medium=copy_link
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.