As we can see we had breakout of trendline(green trendline on chart) like previous time and what is expected after these breakouts is correction ahead and falling
daily support and daily strong support zones shown on chart with green rectangle that are nice targets for this short scenario so Targets : A.51K B.45K(first target is enough to start uptrend once again but we should consider this second target too) Green path: if and if price break pervious all time high once again here based on Fibonacci level we would expect new all time high like A.66K B.70K as we can see on chart and previous analysis that we shared .
Notice :maybe that Elliott 5th wave need to update after reaching new all time high cause the gain on 5th wave is small amount 😁
DISCLAIMER: 1.trade carefully and have stop loss for sure 2.Past performance is not indicative of future results.
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Comment
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for short term trader all important support and resistance zone shown with lines on this analysis :
Thank you for your analysis. I did notice that trend line was broken. However, doesn't the extended line drawn between the last 2 major lows make for a strong support at 54k-56k? In this case, we could have a bounce and retest ATH, forming reverse head and shoulders pattern.
There aren't there some fundamental reasons for price to rise? Coinbass going public, Goldman Sachs and JP Morgan opening crypto desk for their clients..?
robins916
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@bodeen88, hard to imagine that deep of a correction, sub 50k with all that's is going on. Is this what they mean by Alt Season when Bitcoin falters for a bit?
f-73
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@robins916, not hard to imagine, if you got into this market long enough. Personally i'm pretty confident it will go below 50k. Point is whether it will nail 70k before. That's the question.
Dopaminexx
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@robins916, i think it might take weeks or months, but im seeing around 36-44k
cryptobullethbtcxlm
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@bodeen88, exactly my thoughts... the desk is bearish but the cb ipo will happen with btc at ath... thats just a fact; they would be very stupid not to manage that as the biggest cex..
Gunslinger2005
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@cryptobullethbtcxlm, lol I love it when people talk about shit like they dont know about as if it is a garuntee. you think they will lure more investors in with a better price or cater to those who already own and once are rekt their money goes elsewhere. even bigger question is why you think they control the price when they make money off everyones fees. seriously.
cryptobullethbtcxlm
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@Gunslinger2005, yeah yeah... you own the biggest banana market place + a substantial part of all bananas on the market and know all the biggest banana farmers but you have zero influence on the banana kg price according to smart traders on tradingview... yet the governement did actually punish you already for manipulating the banana price in the past.. all good buddy x
@bodeen88, That's because it is not broken. I mean, you can always find a trendline that is broken and one that is still not. The more problematic thing I see here is the bearish divergence on the Weekly chart
There aren't there some fundamental reasons for price to rise? Coinbass going public, Goldman Sachs and JP Morgan opening crypto desk for their clients..?