BTCUSDT: Bear Elliot Wave Scenario Still Valid - $30,000/$20,000
BTCUSD Keeps making lower highs and higher lower which formed a triangle below 200EMA. It keeps failing to break 200EMA and getting further and further from the strong resistance. The 5 wave theory to the downside from last time is still valid currently, the 4th wave is moving sideways and forming a triangle making lower highs which differs from wave 2 which was more like a simple A-B-C pullback, a pretty textbook correction move in Elliot Wave theory. If this bear scenario plays out we are very likely to move towards $30,000/$20,000, just like the idea I published previously
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However, if some catalyst/news/celebrities came out to back BTC and we break the triangle to the upside, then a restest and breakout of the 200EMA will take us with the bulls to the highs again. But we really need some catalysts/news to get us back to the bullish run again, especially after dropping 50% and made that 1.618 extension on wave 3. If we can break this triangle towards the upside, then I'm seeing a retest and breakout to the bullish side again, but currently, from the chart we are more leaning towards bearish in my opinion.
So, we should really keep an eye on this triangle, if some good news/catalysts came out to back up Bitcoin and we breakout towards the upside, then after the 200EMEA sky is the limit. However, if we keep making lower highs and fail to break that 200EMA, then a drop below this triangle can indicate the storm is coming.
However, if some catalyst/news/celebrities came out to back BTC and we break the triangle to the upside, then a restest and breakout of the 200EMA will take us with the bulls to the highs again. But we really need some catalysts/news to get us back to the bullish run again, especially after dropping 50% and made that 1.618 extension on wave 3. If we can break this triangle towards the upside, then I'm seeing a retest and breakout to the bullish side again, but currently, from the chart we are more leaning towards bearish in my opinion.
So, we should really keep an eye on this triangle, if some good news/catalysts came out to back up Bitcoin and we breakout towards the upside, then after the 200EMEA sky is the limit. However, if we keep making lower highs and fail to break that 200EMA, then a drop below this triangle can indicate the storm is coming.
