In my opinion Bitcoin is completely ready to decrease. MACD, CCI and other indicators speak for it. I consider, that the price will fall to large week volumes that corresponds 0.618 according to Fibonacci from the last growth and is about 11820. I know now it sounds not really, but the prospect will occupy not less than a half of the next year. Such decrease in this pair already were more than once.
Information provided is only educational and should not be used to take action in the market.
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It is very similar to a final diagonal triangle! After it there will be a change of a trend.
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If this figure is a final diagonal triangle, then it is worth expecting three operating waves and two counteracting. Usually such five waves contain a triangle. The wave 5 in an absolute majority of cases goes beyond a maximum of a wave 3.
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In all cases such triangles are found in final waves of larger models and indicate exhaustion of more great movement. The triangle directed up diagonal is bear model, it is usually followed by sharp falling of the prices, on smaller to a measure to that level where it began.
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Overcoming the lower bound of this triangle will be Idelny entry into sale.
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The price left above, but growth of the price is not confirmed by growth of volume! And it is important.
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If the price leaves above the top line of this global trend, then the idea will need to be cancelled. For now the feeling is created that growth goes at the expense of stop losses of bears.
Trade closed: stop reached
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Unfortunately, the global channel is broken. I close the idea.
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This madness is possible will end on 30K.
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As falling did not happen, and indicators of it do not confirm, I tried to understand in more detail the events in my new idea.
@doeznotmatter, I like your sense of humour! But does not surprise you why growth happens on such small amounts and they fall?! Anyway time will show, and I congratulate you on the coming holidays!
well a retracement is definitely expected the market really looks overextended, on the daily we now also have a bearish pattern ( over-extended W formation ) so we definitely expect the market to give us a nice retracement, we just have to wait for proper price action on the 4h, I agree with you
Yuriy_Kuznetsov
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@transparent-fx, hello! Thanks, your opinion is very important for me! Your forecasts always correct!
I like your chart. Bitcoin often does things that really surprise people. Now everyone expects it to immediately go to the moon without correcting lower than $20,000. They might be right, but to me, it seems too obvious. Usually in reality this market shocks people with both bull runs and sell offs. The really obvious thing doesn't usually happen.
Yuriy_Kuznetsov
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@cedarfox, hi! Thanks for your comment! Yes, you are right.