In my previous analyses, I have been explaining about the recent Converging diagonal Waves. I have also attached the link to the previous ideas and its a follow up of that. I mentioned we will be going toward ~39k region from where we will enter in Wave C. And i believe we have entered correction wave C which can lead us as down as 38-39k. Reasons for bearish sentiments are as follows:
1. Bearish Engulfing on Daily.
2. Inverse Cup and Handle on 1HR
3. BTC broke key level.
3. Bearish divergence of 4hr playing out.
4. ETH broke major structure.
5. Quiet a few ALTS broke key level indicating market bleeding and people panicking.
6. Correction wave C.
7. Demand Zone is weak.
My reason behind 38-39k region being the bounce point are as follows:
1. Correction Wave C ends where Impulse Wave 2 ended in Diagonalwaves.
2. 0.618 fib is present in that region.
3. Major Demand zone.
1. Bearish Engulfing on Daily.
2. Inverse Cup and Handle on 1HR
3. BTC broke key level.
3. Bearish divergence of 4hr playing out.
4. ETH broke major structure.
5. Quiet a few ALTS broke key level indicating market bleeding and people panicking.
6. Correction wave C.
7. Demand Zone is weak.
My reason behind 38-39k region being the bounce point are as follows:
1. Correction Wave C ends where Impulse Wave 2 ended in Diagonalwaves.
2. 0.618 fib is present in that region.
3. Major Demand zone.
Comment:
Typing error in the first line. I was meant to say 49k instead of 39.
Comment:
Well, this escalated quickly. I was expecting a couple days till we get there but the FUD in market due to ASE and other factors pushed the BTC to come down swiftly.
