Note - Chart is set on log scale
Findings -
Elliot wave - Bearish Bias
Looking at a chart i pulled up
www.buybitcoinworldwide.com/price/
on BTC from 2009 ledger start date to present on log scale. My elliot wave count suggests we have completed a Multi year Supercycle from 2009 the ledger start date till recent highs 64000.
Wave 5 ended in a diagonal at 64000 which is the usual case.
After the completion of motive wave the retracement usually falls somewhere in the wave 4 region which i can see is 3000 - 20000. And i believe that where we are headed.
Moving average Crossover - Bearish Bias
EMA 9(blue) and MA20(orange) on weekly basis is showing very clear picture on the chart. 20ma has always been a spot on support in bull and bear cycles both. Bullish crossovers were start of a big move and bearish crossover at top presenting a start of big downward move. We can see the same bearish crossover at 2017 top as we have one now.
Aggeregated Open Interest of Bitcoin Futures - Bearish Bias
www.theblockcrypto.c...itcoin-futures-daily
As you will see on the chart it topped on 13 April and since then its been declining on all major Echanges.
Thanks for reading
Findings -
Elliot wave - Bearish Bias
Looking at a chart i pulled up
www.buybitcoinworldwide.com/price/
on BTC from 2009 ledger start date to present on log scale. My elliot wave count suggests we have completed a Multi year Supercycle from 2009 the ledger start date till recent highs 64000.
After the completion of motive wave the retracement usually falls somewhere in the wave 4 region which i can see is 3000 - 20000. And i believe that where we are headed.
Moving average Crossover - Bearish Bias
EMA 9(blue) and MA20(orange) on weekly basis is showing very clear picture on the chart. 20ma has always been a spot on support in bull and bear cycles both. Bullish crossovers were start of a big move and bearish crossover at top presenting a start of big downward move. We can see the same bearish crossover at 2017 top as we have one now.
Aggeregated Open Interest of Bitcoin Futures - Bearish Bias
www.theblockcrypto.c...itcoin-futures-daily
As you will see on the chart it topped on 13 April and since then its been declining on all major Echanges.
Thanks for reading
Comment:
Comment:
Support level - 22119 and 19268 and fibb levels shown if correcting the whole move
If daily close below 21000 expect it to go around 1300 which is fibbs .618
Support level - 22119 and 19268 and fibb levels shown if correcting the whole move
If daily close below 21000 expect it to go around 1300 which is fibbs .618
nice objective short trade set up being created