Dear subscribers and visitors
First things first – the bearish signs in bitcoin are increasing and we are in a difficult situation.
In our last update we expected that bitcoin would establish a bottom and were more optimistic about the upcoming weeks. However the harsh dump from last Tuesday (13 september) gave us reason to suspect that bitcoin hasn’t fully finished his great correction since 68K.
We want to inform our subscribers and traders on this platform about our two scenarios, of which one will surely unfold in the next days. Our team created a last bullish scenario for bitcoin and a more unsettling bearish scenario, both are shown below and we recommend to study them well.
The (last) bullish scenario: Bitcoin 1D
In the past weeks we highlighted the importance of the last low in bitcoin, this low can be seen as a major support at 17605$. As long as bitcoin doesn’t break below this support the bulls have still a chance to establish a bottom and with increasing buying interest we could recover back to prices above 30K.
However most indicators have reversed their stance and are pointing towards a last painful capitulation to 13K or even 11K.
The bearish scenario: Bitcoin 1D
Bitcoin’s price action shows an overall increasing bearish sentiment, as mentioned above most indicators are printing “fresh” sell-signals. Our team studied the movements of the last months and came to the conclusion that one last wave 5 could unfold. This wave 5 as shown on the chart below will throw bitcoin below the important mark of 17605$.
With this movement a downwards impulse could unload it’s full power and many investors will suffer heavy losses as a result of this. On the chart this impulse is marked as violet and a strong wave 1 – wave 2 setup has already established itself.
Final worlds: We will continue to watch the market very closely and whatever scenario will unfold – we will work hard to give investors a chance to capitalize on them.
We hope that we can empower traders through our analysis – greetings from Switzerland!
Written by:
Benjamin Mendenmein
First things first – the bearish signs in bitcoin are increasing and we are in a difficult situation.
In our last update we expected that bitcoin would establish a bottom and were more optimistic about the upcoming weeks. However the harsh dump from last Tuesday (13 september) gave us reason to suspect that bitcoin hasn’t fully finished his great correction since 68K.
We want to inform our subscribers and traders on this platform about our two scenarios, of which one will surely unfold in the next days. Our team created a last bullish scenario for bitcoin and a more unsettling bearish scenario, both are shown below and we recommend to study them well.
The (last) bullish scenario: Bitcoin 1D
In the past weeks we highlighted the importance of the last low in bitcoin, this low can be seen as a major support at 17605$. As long as bitcoin doesn’t break below this support the bulls have still a chance to establish a bottom and with increasing buying interest we could recover back to prices above 30K.
However most indicators have reversed their stance and are pointing towards a last painful capitulation to 13K or even 11K.
The bearish scenario: Bitcoin 1D
Bitcoin’s price action shows an overall increasing bearish sentiment, as mentioned above most indicators are printing “fresh” sell-signals. Our team studied the movements of the last months and came to the conclusion that one last wave 5 could unfold. This wave 5 as shown on the chart below will throw bitcoin below the important mark of 17605$.
With this movement a downwards impulse could unload it’s full power and many investors will suffer heavy losses as a result of this. On the chart this impulse is marked as violet and a strong wave 1 – wave 2 setup has already established itself.
Final worlds: We will continue to watch the market very closely and whatever scenario will unfold – we will work hard to give investors a chance to capitalize on them.
We hope that we can empower traders through our analysis – greetings from Switzerland!
Written by:
Benjamin Mendenmein
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
