Using Elliot Wave analysis, I think BTC currently is on minor wave 5 of intermediate wave 5 of primary wave A. Approximately the low will drop at the closest liquidity area at 21k , before it bounce back for the formation of wave B somewhere below 22k to 23% Fibonacci retracement level and dashed yellow line and could be making a wick just above 1D 200 EMA . I do expect it to go higher somewhere in 38.2% but I'm not so sure after BTC candle close under 1D 200 EMA , but we'll see. Next move after wave B, BTC will be making a waterfall drop for the formation of wave C. I put the potential low of wave C somewhere at 19.5k or the 2018 ATH, it can potentially go even lower as low as 17-18k. So we can expect a massive sell-off especially after CPI report which inflation expected to be sticky and hawkish FOMC meeting in the middle of March where I also expecting a major surprise from The Fed. My analysis in the highest timeframe still see BTC current move as cycle wave 4 and truncated cycle wave 5, as long as the price below that weekly ChoCh or 25.5k and not as cycle wave 1 or the starting wave of a bull market. So, I still expect BTC to make a lower low than 15k, could be somewhere at 8-12k in Q2 or Q3.
Comment:
wave A is complete, price hits 21k area, its a temporary bottom for now. Now is the time for reactionary wave of wave B somewhere below 22k, I would be surprised if it goes higher than that, it is still possible
Comment:
Turns out price is going lower to 20k area, due to Silvergate fud, its a really strong and massive fud
Order cancelled