BTC falls to $17605 USD, the lowest level since December 2020. Price action is following the Elliot Wave model fairly closely, which allows us to project the movement over the next couple days.
Observations
Violality in price movement remains high as the spreads between bid and asks become large in a sell-out bear market. More sell at market prices and buy to close at market.
BTC dropped to 17605USD this evening
Wave analysis shows the movement of the price today follows the Elliot model fairly well (5 wave up, 3 wave correction)
Remarks If trading sentiment remains similar through this weekend, it appears BTC will trend to $20500 at the end of a current A-B-C correction wave (extrapolated on the graph) to the 3 year low. This suggests that if the price fall below $19470, this will be a good entry to open a short position with a projected decline towards $16500. With a stop limit could be placed at $20500.
Disclaimer: These are observations of market data, and should not be taken as financial advice about investing in BTC or any other holdings.
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Ignore the Price Channel Strategy - forgot to remove it.
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Price action has confirmed the above observation. ABC correction wave reaches $20500.
The next projected movement will be a downtrend towards $16500, should the price begin to fall below $19470 level (which is the 3-4 pivot from the previous Elliot wave on the 15-min timeframe).
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The next major 5-3 wave is observed. This may bring BTC to about 18750 to 19100.
Thank you for your analysis. It has helped to confirm the Elliot wave patterns I was working with.
zAngus
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Hi, well done on sharing your first chart with the community. Hope you liked the learning process. Have an awesome day!
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@zAngus, Thanks, kindly. I look forward to taking on your suggestions, although I do not currently have a dedicated service for trading, my profession is as a scientist, so I like to conduct analyses and share my observations with the community.