Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
I'm going to start by saying nobody has a magic crystal ball and nobody knows what will happen next. I'm looking at this assuming we're in a wedge and we're going to break down.
It's pretty clear the channels we've been following in wave B and C, and assuming we do break down from here and don't break $4000 (by much), we're likely heading to D. We have to assume waves B, C, D, and E are all ABC patterns since wave A was already completed as a complex 5 wave.
Things to look for in the future to validate this would be support at the bottom trendline of the channel we're currently in (the white channel). I expect a bounce of some kind around there to be the A wave of the larger D wedge wave. We'll bounce there and I'm looking at support and resistance levels to try and predict the future (which nobody can truly do) to determine where our support breaks and new resistance will form.
I will focus mostly on the E wave of the wedge. Assuming what I've said holds true up to that date. That will be the beginning of the end. The beginning of the end of this bear market. If we get rejected there, we are with almost 100% certainty breaking our 2018 low of ~$3100 (depending on the exchange you're looking at).
I will be a buyer at 2950 and 2600. I'll be looking for a reaction at those levels from a leverage standpoint. I'd love to catch the bottom of this.
Trade safely friends!
<3 -CE-
I'm going to start by saying nobody has a magic crystal ball and nobody knows what will happen next. I'm looking at this assuming we're in a wedge and we're going to break down.
It's pretty clear the channels we've been following in wave B and C, and assuming we do break down from here and don't break $4000 (by much), we're likely heading to D. We have to assume waves B, C, D, and E are all ABC patterns since wave A was already completed as a complex 5 wave.
Things to look for in the future to validate this would be support at the bottom trendline of the channel we're currently in (the white channel). I expect a bounce of some kind around there to be the A wave of the larger D wedge wave. We'll bounce there and I'm looking at support and resistance levels to try and predict the future (which nobody can truly do) to determine where our support breaks and new resistance will form.
I will focus mostly on the E wave of the wedge. Assuming what I've said holds true up to that date. That will be the beginning of the end. The beginning of the end of this bear market. If we get rejected there, we are with almost 100% certainty breaking our 2018 low of ~$3100 (depending on the exchange you're looking at).
I will be a buyer at 2950 and 2600. I'll be looking for a reaction at those levels from a leverage standpoint. I'd love to catch the bottom of this.
Trade safely friends!
<3 -CE-