Bitcoin is almost ready for an 18% crash. One more small pump is possible because we have an unfilled FVGAP above the current price. Usually, the market moves in waves as per Elliott Wave theory. My Elliott Wave count suggests that we are still missing another wave to the downside market as WXY. Currently, the price of Bitcoin is inside this parallel descending channel, which you can use to your advantage and trade it accordingly. Where can you take profits from your short position? Always use a Fibonacci extension tool and target a 1:1 FIB extension for corrective waves. In this case, the 1:1 FIB extension is at 34000 USDT.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Excellent Bitcoin analysis! Your prediction of an 18% crash, supported by Elliott Wave theory and the parallel descending channel, provides a comprehensive view of the market.
No one claim to be “missing” a WXY, because corrections can almost always extend to a larger structure, with additions of new threes forming. What you are trying to state is that your fantasy for more correction requires another three waves down. You construct resistance zones as argument, but you omit the stronger support zones from prior wave actions in the 2023 run up. You also ignore the internal wave structure of the last leg up, which so far does not support a three-wave idea readily. So this is a flimsy idea, generated by bear bias.
Xanrox
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@unbeldi, Wave (X) could be a zigzag, sometimes these types of corrective patterns are very sharp and steep. Thanks for your opinion!