BTC has so far failed to make any of the bullish scenario moves and has recently made a break that may be confirmative of the bear scenario.
An Elliot wave based failure of the uptrend would typically look something like this.
First big target of 40K for the short. Some bull trap/ chop and then continuation.
And it's not just BTC. Everything looks terrible.
ETH went into the classic bull trap zone and did this:
MSTR slammed into major resistance:
And did this:
COIN was screaming short setups:
And has done this:
Things are looking grim.
Into the high the bear patterns could be considered subtle. If you are looking for bull patterns it's easy to see them at highs. Spike out patterns are something easier to miss.
But it's not subtle now!
If the next level of breaks succeed I think we're going to see BTC down 30% more from where it trades right now.
And these related stocks would look insane on the monthly charts if that happened. They already look sketchy.
An Elliot wave based failure of the uptrend would typically look something like this.
First big target of 40K for the short. Some bull trap/ chop and then continuation.
And it's not just BTC. Everything looks terrible.
ETH went into the classic bull trap zone and did this:
MSTR slammed into major resistance:
And did this:
COIN was screaming short setups:
And has done this:
Things are looking grim.
Into the high the bear patterns could be considered subtle. If you are looking for bull patterns it's easy to see them at highs. Spike out patterns are something easier to miss.
But it's not subtle now!
If the next level of breaks succeed I think we're going to see BTC down 30% more from where it trades right now.
And these related stocks would look insane on the monthly charts if that happened. They already look sketchy.