BTC is in an ascending channel and we can see Two Rising wedge pattern in this channel as well! one has already done it's job and the second one is also seems to be working and is trying to Decrease the Price. there is also a matter of Elliot waves as well as you can see the price is in the 4th wave of Impulse waves which is also a Correction wave. the second rising wedge and 4th Elliot wave seem to be working together to Decrease the price to the support which sits at 43500. after the correction ends the price can finally reach 50k after quite sometime! there is also a Hidden Bullish Divergence on Both MACD and RSI Indicators which seems to Help the Bullish Trend soon!
summery: -BTC is an ascending channel -The price is in a Correction wave -Rising wedge and 4th wave will try to Decrease the price. -(+HD) will help the bullish Trend to Reach 50K!
đź’ŽTraders, if you liked this idea or have your opinion on it, write in the comments, We will be glad.
Thank you for seeing idea . Have a nice day and Good luck
Dont think so. Its collapsing right here. See you at 20K
Good luck however đź‘Ť
ffara
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@dRends35, you called Bitcoin to 8k two weeks ago. Agree to disagree.
dRends35
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@ffara, Its a calculation using a standard measured objective. Anyone could do the same and come out with the same number. I dont think it will get that low, but we'll see.
ffara
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@dRends35, I understand your post, but it doesn't mean the math adds up or that such a method is worth using.
Bitcoin rallied 4 times in a row just below 30k, suggesting strong support there. Why should it have yet another 66% breakdown? It has had lots of good news - Amazon, Walmart, El Salvador, USA mining, etc. and it is clear that market sentiment was beginning to turn. It's top in May was only a 3x from the 2017 top, far lower than prior cycle tops even accounting for diminished returns. I think there is a lot of writing on the wall we went through a mid-cycle correction. Bitcoin was outpacing prior cycles and moving ahead too fast. It tends to have summer lulls and we got ones. Bitcoin whales via metric data were accumulating in the 30k area which would mean price would stabilise and then move up.
I think crypto analysis needs to be holistic and based on long-term data analysis and research. I don't really care that much about short term price action - buying and holding isn't exactly the best method but buying and selling on larger overall trends - for example getting out when it was in the 50s and 60s to rebuy in the 30s which is what I did. You can very well wait on 20k or 8k, I don't see it happening and I believe those that do will simply be other's bag holders and then FOMO in a few weeks or months when we continue to put in higher highs and higher lowers as we have been doing for a month now.
dRends35
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@ffara, Some good points there and I agree with you on maths not necessarily adding up. It was just a calculation for fun really. But anyhow I'm not hanging my hat on that and I've done plenty of work on BTC chart and it should easily see 20K imo. Anyhow at this point, this isn't my thread and discussion is not on publisher's content. Have a look at my "Bitcoin has topped" thread to see how this went last time around. See you at 20K. đź‘Ť
SimpleTradezz
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@dRends35, keep dreaming, 20k is never going to happen, let alone 30k again. You missed the opportunity at 30k bud.
dRends35
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@MCryptoA, I missed the opportunity only because I trade with trend, but I did make a few long calls actually for giggles. This is a dreamers market right here. And btw I did short BTC and ETH from the top down to 29K and 2K area. Made more % on 19 May than any other day while you longs were in tatters bud.
yozr23361
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Could test 38k
sholey4love
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goog luck. but what am seeing in 24hr chart is sell.
SrayanMesaSund5
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thanks for the analysis. you are well done. good job
Good luck however đź‘Ť