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adolfoosthuizen
Jan 22, 2021 6:35 AM

BTC bearish back to $20k Short

Bitcoin / U.S. dollarBitstamp

Description

BTC could find final support between the 0.618 & 0.786 FIB taken on the monthly bullish impulse. This concurs with the start length of the Triangle pattern. (See two white lines)

I we go below 20k, then we could expect total market crash, but I highly doubt that as the fundamentals (large institutional investment) makes it unlikely. I will be looking for the Bulls to take over again from there and push up to new ATH which also forms part of the final leg (4 to 5) of the Elliot Wave.

Trade closed: stop reached

Must say I'm glad I was wrong on this one. BitterSweet.
Comments
LA_Designer
I think if we fell below 20K then a giant tsunami wave would just wash away the entire country. That's how unlikely that is to happen.
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