charlief782

BTC- The Future does not look good.

Short
BITFINEX:BTCUSD   Bitcoin
Hello everybody. Today I will be going over bitcoin. Let start with the moving averages. As you can see the green line, 50 day avg, just went under the 100 and 200 day. This shows that we are still in a downtrend. If you like at the dpo it looks like it tried to go up but it did not get enough momentum from the bulls. In addition, if you look right before 2018 started it looks very similar. Next is the gann fann. As you see the 4/1 gann line, lines up perfectly with that new trend line that was created and the two fib lines. This usually acts as a pretty strong support. Then you can see the very big circle I highlighted with the pink text. You see the green orange and red lines and the shape of that formation is close to what is going on today. Then we have the fib lines. If you zoom in you can see that the .382 and the .618 are a hundred dollars away from each other and the gann line it touching one of them. Next is the trend lines, you see that they are acting as a very good support and a new one seems to be forming and also lines up with the gann and the fib. Furthermore, if you see the blue box there seems to be alot of price action and support in this area a little while ago. Finally, we have the Elliot waves. You see that since 2018 BTC seems to be forming a triple combo wave. Within this mega wave you can see after the Y wave we seem to be forming a 5-3-5-3 pattern here. This and the above show that BTC is not ready to go up any time soon.
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