Everyone is extremely bullish right now and is saying the bottom is in. But I am still very sceptical. We are having a relief uptrend as predicted in my last analysis.
The downtrend is really strong and there is absolutely no sign of a trend reversal at this moment!
As you can see on the weekly chart, we have an incomplete falling wedge pattern and clearly there is still a lot of price action missing.
It looks like we are creating a trading range on the daily chart. Something like a symmetrical or descending triangle.
Regarding my Elliott Wave analysis, I think we can create some kind of triangular formation before continuing lower.
The question is, how much lower can we go? We have a gap at 12 500 USDT, which is a reasonable target and the one and only one support on this particular chart. We can use a fibonacci extension from wave 3 to wave 4, but it's still too early because we don't know if wave 4 was completed or not.
If the trading range is confirmed, then altcoins can moon during this phase and Bitcoin's dominance should continue in the downtrend.
@ProfDede, many posibilities :) or one of this: don't stay only with one scenario( i made that mistake once )
orest2009
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@ProfDede, i think you cant think
Goldenbreakout
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@ProfDede, BTC can go to high price targets with time, but first we should get some confirmations. BNX seems also to have good increase to new ATH
SquishTrade
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Excellent EW counts. I like the triangle concept, it makes more sense than most of the EW counts I've seen floating around. Let's see what happens, but your EW analysis looks like a viable thesis. Here is my latest ETH analysis: