1)Bitcoin retraced 61.8% of November 2021 peak and November 2022 trough around $38k
2) the rally from November 2022 trough unfolded in a corrective a-b-c-d-e waves where the e-wave measured objective is also 61.8% of the length of the trough of wave-a & peak of wave-c target around 38k
3)weekly ichimoku cloud resistance weighing on chikou span from breaking out of the weekly cloud
4) weekly momentum indicators are grossly over bought and roll over from the OB zone is not helping Bitcoin making newer high
5)cluster of overhead trend line resistance cappped rally checked
6)the completion of corrective wave -B around $38k the rejection from latter will come as surprise to longs, further weakness under $34k trend line support will not be encouraging for the bullss
7) market grossly price in the launch of Bitcoin ETF, it will be buy rumour sell the fact scenario, a surprise will be the Bitcoin spot etf launch decline by regulators.
8) in sumarry, base on EW theory i am in favor of shorting Bitcoin, in anticipation of WAVE-C meltdown
2) the rally from November 2022 trough unfolded in a corrective a-b-c-d-e waves where the e-wave measured objective is also 61.8% of the length of the trough of wave-a & peak of wave-c target around 38k
3)weekly ichimoku cloud resistance weighing on chikou span from breaking out of the weekly cloud
4) weekly momentum indicators are grossly over bought and roll over from the OB zone is not helping Bitcoin making newer high
5)cluster of overhead trend line resistance cappped rally checked
6)the completion of corrective wave -B around $38k the rejection from latter will come as surprise to longs, further weakness under $34k trend line support will not be encouraging for the bullss
7) market grossly price in the launch of Bitcoin ETF, it will be buy rumour sell the fact scenario, a surprise will be the Bitcoin spot etf launch decline by regulators.
8) in sumarry, base on EW theory i am in favor of shorting Bitcoin, in anticipation of WAVE-C meltdown