Here is what I see going on with BTC
1) We could likely be in wave 4 of the Elliot wave impulse method. The reason why I believe this is wave 4 is because usually they are the most drawn out and "choppy" out of all 5 waves.
2) If this is wave 4 (likely to be) then that means we have 5th and final wave to the downside on the daily chart, likely re-testing the 30k region which is outlined by the green box.
3) This green box represents a key zone of support for bitcoin.
4) We are seeing quite a bit resistance on the ichimoku cloud. *NOTE* The cloud usually doesn't work all that well in a sideways trend, which is what BTC has been in for over a year now if you zoom out on the daily chart. If you look at the ichimoku for the past year we can see it hasn't offered us much support or resistance, due to the sideways price action. It is slightly concerning BTC is using it as resistance right now (as the ichimoku works very well in trending markets) but it is likely because the cloud is lining up with the red box I have drawn, which is a key level of resistance for bitcoin.
5) Many people are talking about a $20k bitcoin but in my opinion I think the green box is where we will likely see a reversal. We have been bearish for too long and many people are starting to become super bears. Usually when this happens the market flips sentiment. Same thing when btc was trading at 69k and everyone was saying 100k was next.
6) If you look at my BTC analysis from April 8 2021 (which I have linked below) and hit the play button, you can see exactly what i'm talking about. People were WAY too bullish along with bearish divergence forming on the daily (and other factors). It was just a matter of time before we saw the correction.
7) Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
1) We could likely be in wave 4 of the Elliot wave impulse method. The reason why I believe this is wave 4 is because usually they are the most drawn out and "choppy" out of all 5 waves.
2) If this is wave 4 (likely to be) then that means we have 5th and final wave to the downside on the daily chart, likely re-testing the 30k region which is outlined by the green box.
3) This green box represents a key zone of support for bitcoin.
4) We are seeing quite a bit resistance on the ichimoku cloud. *NOTE* The cloud usually doesn't work all that well in a sideways trend, which is what BTC has been in for over a year now if you zoom out on the daily chart. If you look at the ichimoku for the past year we can see it hasn't offered us much support or resistance, due to the sideways price action. It is slightly concerning BTC is using it as resistance right now (as the ichimoku works very well in trending markets) but it is likely because the cloud is lining up with the red box I have drawn, which is a key level of resistance for bitcoin.
5) Many people are talking about a $20k bitcoin but in my opinion I think the green box is where we will likely see a reversal. We have been bearish for too long and many people are starting to become super bears. Usually when this happens the market flips sentiment. Same thing when btc was trading at 69k and everyone was saying 100k was next.
6) If you look at my BTC analysis from April 8 2021 (which I have linked below) and hit the play button, you can see exactly what i'm talking about. People were WAY too bullish along with bearish divergence forming on the daily (and other factors). It was just a matter of time before we saw the correction.
7) Remember, this is not financial advice and always do your own analysis/research before making any decisions on the market.
