Bitcoin is in a critical zone. It just broke below the neckline and it’s looking bearish. This chart is based off of The Elliot Wave Theory, Head/shoulders pattern, Fibonacci, EMA’s, MacD, RSI, Momentum, and resistance/support zones. The height of the head/shoulders is calling for this target which bottoms at around 17k. Coincidentally, we also a fib level that can help hold that price. We could see a temporary bounce at 23-24k (1.618) before we capitulate down to 17k. Keep in mind this will take months to play out, so don’t get ahead of yourselves. RSI and momentum are showing that a strong move to the downside is right around the corner.
Comment:
Buy the fear in a bull market, but not during a bear market. Wait for confirmation. Record longs are opening at this level. This will lead to a record number of liquidations. Be careful entering a long here.