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So in yesterdays chart I predicted, that we most likely would go to 7,200 USD. Everything is still pointing in that direction. With help from Theory and classical charting, I showed you how we slowly but steady were moving downward.
I told you about hidden divergence, descending triangles, and so on.
Today we are looking at the 1D BTCUSD Chart. This chart is still confirming, what I told you yesterday. First of all - I want you to pay attention to the . It can tell us a lot of things. The first thing it tells us is, if the price is below the purple area we are in a downtrend, and we will most likely go even lower.
The reason for that is, that 70 % of all previous trades are made above us, so therefore we can also expect that there are more positions there now, and more resistance, which makes it harder for us to go up. I will come back to that later.
Please also pay attention to the the MACD-Cross and the , which shows us, that we will continue down. Also seen from it psychological point of view, we are in the disbelief-phase. All that allows us go to 7,200 USD, which is a crucial point for Bitcoin . The reason for that is, that it's equal to 78,6 % level, and we also here, have a .
So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?
If it will be the last option 6,000 USD is our next target - And then we are now back to the again - Pay attention to the nodes. They are short, which means not many trades are made here, which also means lack of support. We call it clearance. We will therefore very likely, fall right through.
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It's the same with life. What is time? How do we know what time is?
We only know that due to repetition. We know, that after summer comes fall, then winter, spring and summer again. The sun goes down, but it wall also rise again. The Earth is spinning in an orbit around the Sun, which is part of our Galaxy where all the planets and stars are orbiting a big massive black hole.
If there was nothing like repetition, there would be no time.
Take a look at this chart, how we bounce and get support the same places than we did before. Same things tend to happen again and again.
We are still heading towards 7,2xx USD.
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"So the big question is now, will we get enough of a bounce at 7,2xx USD, so we will go into an uptrend again, and restart a new EW Cycle, or will it just be an insignificant correction?"
I must admit I though we would see a bigger bounce that this. We went from 6,9k to 7,350. I said on our Youtube show, that we would most likely get a bounce, and go down in 6,000 USD. But I am surprised we didn't get higher.
Even though we are in the oversold zone, we are just going lower and lower. And a bear flag has starting to take form. 6k USD next stop..
Right now we cannot really do anything other than wait for Bitcoin giving us an direction. So I would't enter a trade at this moment - as you can see we are consolidating at this moment.
Whale groups out there are talking about going to 8,300 USD, which is equal to 61,8 Fib. On the other hand we are trapped in a bear flag, which might take us down to 6k.
I still think 6k is the most likely, scenario, but who knows? So wait for a confirmed direction - this is a patience game for now!
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