With BTC accelerating to the downside again, its time to look at a longer term bearish scenario again.
The wedge in my previous threads is still relevant I think, but now after this second BTC capitulation any bounce that comes from it will likely be a retracement before a further leg down.
And this is good actually. Of course I'd love to be right on the money with every chart but really what I want is cheap BTC and what this recent acceleration down means I think is that it wont take years to see 20K or potentially lower. It will probably arrive much sooner.
So my most likely elliott wave scenario is now that BTC is in a capitulatory C wave of a primary expanded flat.
And thinking about it, it does make sense after this ridiculous recovery B wave to see a higher high, a devastating C wave seems appropriate to reset the balance.
Also this downside continuation will of course be helped by indexes remaining in a technical bear market under the 200Dma. Thats one to keep an eye on.
A long term 3 point fib will see BTC get back to 0.618 $22K which can also be a long term SOW in D taking the whole of 2021 as a distributive topping formation. And would also hit the 200Wma and probably go oversold on the Weekly RSI which has always been a buy trigger in the past.
Although it will probably go lower I will be long to buy (alts) to swing in that area if it gets there.
Not advice.
The wedge in my previous threads is still relevant I think, but now after this second BTC capitulation any bounce that comes from it will likely be a retracement before a further leg down.
And this is good actually. Of course I'd love to be right on the money with every chart but really what I want is cheap BTC and what this recent acceleration down means I think is that it wont take years to see 20K or potentially lower. It will probably arrive much sooner.
So my most likely elliott wave scenario is now that BTC is in a capitulatory C wave of a primary expanded flat.
And thinking about it, it does make sense after this ridiculous recovery B wave to see a higher high, a devastating C wave seems appropriate to reset the balance.
Also this downside continuation will of course be helped by indexes remaining in a technical bear market under the 200Dma. Thats one to keep an eye on.
A long term 3 point fib will see BTC get back to 0.618 $22K which can also be a long term SOW in D taking the whole of 2021 as a distributive topping formation. And would also hit the 200Wma and probably go oversold on the Weekly RSI which has always been a buy trigger in the past.
Although it will probably go lower I will be long to buy (alts) to swing in that area if it gets there.
Not advice.
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Get the "heads up" at critical moments - don't lose your shirt.
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Contact: t.me/dRends35
