When I look at the EMA on the 2H Bitcoin chart I see that they were broken from the top to the bottom. It is very important to understand, was it fake as it was on the 1-2 wave, or it is a changing of a trend to a correctional phase. To be honest, the second option looks very real, especially when we look at the Fibo levels and at the Eliott Waves cycle 1-5 which can be considered as a finished.
If the breakdown was fake, then the price should take hold above the $12435 level. In this case, Bitcoin will continue moving upward and face $13880 (the next strong resistance). However, if the breakdown wasn't fake we would see how the price fluctuates below the mentioned resistance($12435) which will mean that Bitcoin will continue mowing downward (ABC wave). This case, the next strong support is located at the $11420 level (AB wave). From this zone we can see a small upward bounce and then continue moving down to the zone $9500 - $10500.
If the global bullish trend wouldn't be broken, after this correction we can expect the continuation of the upward rally which means that $14000 & $16000 points are quite real.
If you found this idea interesting, do not forget to Like it and subscribe to the profile, so as not to miss our updates!
BTCUSD W1 C Wave Down.
https://BTCUSD://www.tradingview.com/chart/BTCUSD/6mBe6JSv-BTCUSD-W1-C-Wave-Down/
cryptohopper
⋅
Nice analysis! Bitcoin retraces -25% and offers a lot of profitable opportunities for alt trading. Will it keep retracing or go bullish again? Click:
Sobhan123
⋅
Wave 3 shouldn't smaller than wave 1 and 5 !
Jocoin
⋅
Good chart i agree with you but i really hope 10k wont be broken btc will be in big trouble here is why:
We got dump just in time as predicted to support area mentioned
After my last update about btc hit 13400 i told you guys to not get excited especially after we got 1 hr bearish div supported by 1 day and 2 days bearish div
See previous idea for more detailed view:
So in few hrs btc hit max fomo at 13900 and dumped hard to 10400 area as i said in some previous ideas that I am expecting rally pause and retrace for a bout a week range to calm down to area between 11200/11400 to 10400/10600 and it should not get broken with daily close for trend continuation and we hit it EXACTLY faster than anyone expected
So let me share my current view which is i see 10400/10600 is very strong and we should reverse from here as its my main condition to resume rally towards previous ATH forming strong wave 3 since from 7800 area
We got a MASSIVE hidden bullish div on 1 hr chart supporting my view and btc should consolidate for a bout a week in this range forming higher lows till it breakout
Warning if 10k broken expect blood and the end of this bull run
https://BTCUSD://www.tradingview.com/chart/BTCUSD/6mBe6JSv-BTCUSD-W1-C-Wave-Down/