BTC: soon under 20k? Note the middle of the trend channel... it dipped below it this week. The lower edge of the long term bullish trend channel is pointing at 3 key support points (green arrows) hence the target @19161.37 I expect by 25 Jul '22. Contrary to expectations, there could even be a false breakout of the trend channel, then the red line @15973.53 should be reached. In both cases, the black wave (4) of the red (III) is coming to an end and the black wave (5) of the red (III) should be reached in the second quarter of '23. If this TA matches, the next target is between 75500 and 84180.
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Jan 30
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VARIANT 1 Jan 9
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VARIANT 2 Jan 9
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Here is an alternative to the main chart above, where instead of ABC within the trend channel, a much deeper ABC correction is foreseen: BTC is in a minor abc correction right now. August should hit 26574.53 and a strong bounce down would indicate the end of black wave 4. However, this wave 4 would still have enough space until 29919.2. CONCLUSION: unless 29919 is sustainably breached, there is a strong possibility that any next weekly close below 19942.21 will lead to the following deeper targets: 1)15957 2) 13791-13028.83 3) 12468 (major support), below follows 4) 10666.62 I have colored the location of each phase to see that we are now in the gray zone where both bullish and bearish moves can be expected. Green = bullish or support zone Yellow = possible turn Orang = soon to be the end of the whole corrective formation ABC. Red = resistance or, contrary to expectations, large losses.
@NeverNO, thanks for the nice update -- there is support in multiple charts for a much deeper recession having already begun. Doesn't mean we can't still get a good correction or even another bull run prior though. Trying to consider ideas for all of the above and see which ends up playing out first.
Mikhiavelli
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While you may very well be right, I'm not so sure that 2017 is a 1/2 wave. This last wave to 69k may of been a 5th wave completion. Something to keep in mind, time will tell for certain.