BTC is showing signals that the B-wave of its corrective phase has completed and it will be starting its C-wave to complete the structure. The C wave will take it to new lows in 2024, this idea projects the first leg down to kick off the C-wave.
Initial target 17793 by 10/10/2023
The breakdown level was 27791, so as long as it stays below that I am expecting it to continue down along the black trajectory. A break above could open the door to 37k as a best case for bulls.
On the way to 17000s it needs to breakdown 24-25k.
This is bearish people.
Initial target 17793 by 10/10/2023
The breakdown level was 27791, so as long as it stays below that I am expecting it to continue down along the black trajectory. A break above could open the door to 37k as a best case for bulls.
On the way to 17000s it needs to breakdown 24-25k.
This is bearish people.
Comment:
Next leg down will begin this week
Comment:
Still bearish unless we see sustained break of 27791 - we have the support trendline (maroon) right above that level which can be tested for resistance before dropping back below 27791 if it is breached.
Expecting downside continuation to 24495 by this weekend.
Expecting downside continuation to 24495 by this weekend.
Comment:
Sharp rejection at the 27791 (nearly exactly) increases likelihood for the bearish case from here. Typical breakdown then retest before big down.
Comment:
First downside target from here after it breaks below 25.3k will be 22800 by 9/15.
