For quite some time now "everyone" seems convinced of Bitcoin prices in the low to mid 20 000's. Some even anticipate lower dips than that. I certainly don't exclude that, buy given how undramatic this break below $30 000 has been thus far, there is good cause to expect a price reversal soon. Here's why.
My previous theory of an ABC move is still very much in play - one in which we'd be in the midst of completing the A-wave. As Elliott waves normally tend to nicely coincide with fibonacci levels we can clearly identify that a potential A-wave bottom would align with the 618 fib on the weekly chart.
What further adds to this theory is the aforementioned fact that Bitcoin behaves in a "civilized" manner under $30 000, counter to what most technicians had anticipated. Most traders predicted a free fall below $30 000 due to the utter lack of resistance between 20 000-30 000, with the vague exception of ~$24 000.
If Bitcoin can remain tidy and steady below $30 000 and not panic, chances are increasingly strongly in favor of an A-wave completion at the 618 fibonacci - which would also align with the support of the descending channel.
And, most importantly, when everyone expects Bitcoin to plunge, chances are it won't. THAT'S when we shall look for difficult-to-spot reversals such as this.
Our previous B-wave targets here on Trading View stand at ~$46,500.
My previous theory of an ABC move is still very much in play - one in which we'd be in the midst of completing the A-wave. As Elliott waves normally tend to nicely coincide with fibonacci levels we can clearly identify that a potential A-wave bottom would align with the 618 fib on the weekly chart.
What further adds to this theory is the aforementioned fact that Bitcoin behaves in a "civilized" manner under $30 000, counter to what most technicians had anticipated. Most traders predicted a free fall below $30 000 due to the utter lack of resistance between 20 000-30 000, with the vague exception of ~$24 000.
If Bitcoin can remain tidy and steady below $30 000 and not panic, chances are increasingly strongly in favor of an A-wave completion at the 618 fibonacci - which would also align with the support of the descending channel.
And, most importantly, when everyone expects Bitcoin to plunge, chances are it won't. THAT'S when we shall look for difficult-to-spot reversals such as this.
Our previous B-wave targets here on Trading View stand at ~$46,500.