Bitcoin is going down, as I was expecting in my previous technical analysis of Bitcoin (see in the related section below). What now? Markets always move in waves, and that's why it's always good to do an Elliott Wave technical analysis. My Elliott Wave count suggests that wave (A) will soon be completed and we will see a relief rally back to 66k. A lot of alts are going to pump during this relief rally, so make sure you have some.
On the day down, we have 3 strong supports. The first support is at around 59340 USDT because of the previous significant swing low. Also, 20% corrections are classic in the stock market. The second support is at 53080 (fair value GAP) and the third support is liquidity below wave (4) at 50585. We are most likely going to hit the 50k level sooner or later, so be prepared!
Then we can start a new bull market and reach levels above 100k later this year. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
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Wave (B) is in progress. Now expect a final wave (C)
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On the recent pump, we also need to do an Elliott wave analysis. We can see that this is a 3-wave ABC structure, which is definitely not bullish.
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On the 1H chart, we have a leading diagonal pattern and this is definitely very bearish.
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Expect 50k to be hit around the halving event!
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Last update for this Idea:
Bitcoin halving countdown. 20 DAYS : 18 HOURS : 55 MINUTES Halving Date ETA: 14 April 2024, 11:35 UTC
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ABC correction is in progress? if yes, 1:1 FIB extension is the next target and buy zone!
@Xanrox, You may like to check out this idea: NASDAQ & bitcoin On The Verge Of A Potential MAJOR COLLAPSE It may answer your question as to whether I think price will go up or down. All The Best!
@noble1ones foolish1, please understand your BTC going to 4k idea is a bust and in my humble opinion you have horrible technical analysis skills and are fear mongering and misleading traders. Please learn how to read the charts better as you still think we are in a bear market and have no idea what is up or down.... In my humble opinion you need serious reeducation.
gafizal
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@Xanrox, Longterm, heck, even by June, Very Bullish. That said, My plan is options on both BITI and BTC futures ETFs