Bitcoin seems doomed for new lows... here's why.
If we recover with the bullish scenario in this chart and climb up t 48-50k we'll be doing so correctively, which means we'd be left with only an ending diagonal option to break new highs. The probability in that isn't very good.
Moving up correctively suggests we'll set in a lower high and move back downwards into a larger time frame correction(creating a bearish trend for a bit)
If we sweep the lows with the red impulse, then we've created a 5 wave structure and 5 waves is always the start or end of something. In this case, its high probability it'd be the start of something and although we'd rally back up, we'd set in a lower high and look for an identical wave to form to match the 64k-30k drop.
Hopefully we can see the technicals change somewhere, but for now this is the wave structure I'm predicting. Data is constantly flowing in and that's the beauty of it so make sure to follow the account to stay updated on where this goes and if we need to make changes to it.
If we recover with the bullish scenario in this chart and climb up t 48-50k we'll be doing so correctively, which means we'd be left with only an ending diagonal option to break new highs. The probability in that isn't very good.
Moving up correctively suggests we'll set in a lower high and move back downwards into a larger time frame correction(creating a bearish trend for a bit)
If we sweep the lows with the red impulse, then we've created a 5 wave structure and 5 waves is always the start or end of something. In this case, its high probability it'd be the start of something and although we'd rally back up, we'd set in a lower high and look for an identical wave to form to match the 64k-30k drop.
Hopefully we can see the technicals change somewhere, but for now this is the wave structure I'm predicting. Data is constantly flowing in and that's the beauty of it so make sure to follow the account to stay updated on where this goes and if we need to make changes to it.