Bearish sentiment keeps mounting on Bitcoin, and Elon Musk is not solely to blame.
The Wedge was successfully completed, as we forecasted in our last analysis of the crypto, and the price is currently consolidating above the 61.8% Fibonacci.
This, however, is unlikely to turn into a major rebound. A pullback could reach as high as the 38.2% Fibonacci before the downtrend continues developing. This would allow bears to sell around this crucial resistance.
Seeing as how the downtrend is taking the form of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, the next major target for the unfolding downtrend seems only one - the psychologically significant support level at 30000.00
The Wedge was successfully completed, as we forecasted in our last analysis of the crypto, and the price is currently consolidating above the 61.8% Fibonacci.
This, however, is unlikely to turn into a major rebound. A pullback could reach as high as the 38.2% Fibonacci before the downtrend continues developing. This would allow bears to sell around this crucial resistance.
Seeing as how the downtrend is taking the form of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory, the next major target for the unfolding downtrend seems only one - the psychologically significant support level at 30000.00
Trade closed: target reached:
Yesterday, the price sunk to the psychologically significant support level at 30000.00
