Bitcoin has been going sideways in the past weeks. Why? If we take a look at the chart, we can see that the price is inside this symmetrical tightening range. The only thing we can currently do is trade the range (sell high, buy low). Otherwise, we need to wait for the tightening range to show us the direction! Will it break up or down? Let me know in the comment section what you think about it!
If we break down, I have prepared 2 strong levels for you! These levels you can use to take profit or to enter a long position. The first level is 58547 USDT (liquidity sweep), and the second level is the 0.618 Fibonacci retracement of the previous impulse wave at 51985! I believe we will see a strong reaction from these levels. 51985 could also be the ultimate bottom, so keep that in mind! I will keep you updated, so make sure you follow my account.
From the Elliott Wave perspective, we can be in the ABCDE triangular formation or in the 1-2-1-2 formation (nest). It's good to wait for more confirmation to confirm our bullish / bearish scenario. 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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Ethereum looks bearish, so to me, the probability of it breaking down is higher.
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Bitcoin the POC of the previous structure, good to enter a short position. Expecting a downtrend.
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The trendline of the symmetrical triangle has been hit!
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The price is still inside the symmetrical triangle, Something huge is going to happen soon!
@SpartaBTC, Iran Israel lol :-) its scripted I tell you, I conquer with this chart, Liquidity sweep or 53k
SpartaBTC
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@kraftwork75, Yes, these are all staged events for speculative gain.
thehighpath
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Great analysis but at this point it about buy the news and sell the rumor. Looks like it could go either way… although it’s just set up a high base so the chances, in my opinion, of it going higher are good. Anyway, I’ve listened to others too often without doing my own analysis and paid dearly for it. No more short positions. I’m just buying the dips. It’s a safer given the proximity of the halving.