BTC update from last post where I projected a wedge-measured move to 20k.
On this 4H chat: BTC after bouncing from a low of 26591, seems to be range bound by 28-31k on a closing basis. It has fallen below all my blue trendlines & is now barely holding the red 30k pivot zone which is also at the very edge of the gray slanted FIB CHANNEL.
If this weakness of lower highs & lower lows continues, BTC may not be able to hold 29k/28k supports & may fall to the next targets at 25k(a 0.236 Fib) or even 24k (a 1.618 Fib)
Worst case remains at 20k where I projected from the breakdown of the bigger green wedge.
Seeing the recent demise of LUNA involving manipulation by Blackrock on UST, we can still see more whales driving price down so they can buy back cheaper. But I cannot see BTC price lower than 20-18k without FOMO buying.
Wave 4 is definitely an expanded flat & may be forming a BIG MEGAPHONE pattern from the 64k-69k top line down to the bottom line touching 28k to probably 24 or 20k.
Not trading advice
On this 4H chat: BTC after bouncing from a low of 26591, seems to be range bound by 28-31k on a closing basis. It has fallen below all my blue trendlines & is now barely holding the red 30k pivot zone which is also at the very edge of the gray slanted FIB CHANNEL.
If this weakness of lower highs & lower lows continues, BTC may not be able to hold 29k/28k supports & may fall to the next targets at 25k(a 0.236 Fib) or even 24k (a 1.618 Fib)
Worst case remains at 20k where I projected from the breakdown of the bigger green wedge.
Seeing the recent demise of LUNA involving manipulation by Blackrock on UST, we can still see more whales driving price down so they can buy back cheaper. But I cannot see BTC price lower than 20-18k without FOMO buying.
Wave 4 is definitely an expanded flat & may be forming a BIG MEGAPHONE pattern from the 64k-69k top line down to the bottom line touching 28k to probably 24 or 20k.
Not trading advice