AlanSantana

πŸ…±οΈ Bitcoin's Next Drop Now Imminent | 34-36000 Next Target

Short
AlanSantana Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
πŸ‘‰ The middle of the range sits around $35,000... The next support level has been confirmed within the $34,000 to $36,000 price range.

Good Friday my fellow traders, how is this day treating you so far?

βž– Bitcoin is peaking/peaked after a higher high that continues to exacerbate a strong bearish divergence with the daily RSI.

βž– Yesterday's session high closed as a Doji and today the day starts red.
Since the current wave is already overextended, we can expect the next drop to show up anytime now, fast, sudden and strong.

βž– Based on EW-Theory, we are looking at an ABC and both A and B are already in, we are going for C next.

This is just a simple update without much jargon... Prepare for the drop.

Namaste.
Comment:
πŸ…±οΈ Who Is Going To Sell?

Can we say this is a fair question?
I see many people wondering, asking...
We can all see many people wondering and asking this question: Who is going to sell?

Let's go back just one year when Bitcoin was trading around $20K. I remember a set of the market, newcomers, doubters, onlookers asking the same but in reverse: Who is going to buy?

And it sounds like a valid question, they would repeat over and over: Who is going to buy?

Well, I replied: The billionaires are going to buy, the companies, institutions, retail, traders, exchanges, etc., the market, the market is going to buy and the market bought. Bitcoin reached $50K.

βž– Who is going to sell?

The market is going to sell.

The institutions, the companies, the traders, the billionaires, the exchanges, the miners, etc... The market my friend, the market.

When the market goes bearish, everybody starts to sell...
The market turns bearish because everybody is selling.

Actually, we don't really care who is going to sell... Bitcoin is going down, it would be wise to prepare.

I will be right here and alert before the start of the next bullish wave.

Thank you for reading.

Namaste.
Comment:
Bitcoin isn't dropping but it isn't moving forward either.
BTCUSDT has been trading now for 6 days within the 50-53K price range.

53,000 remains as critical resistance.
This level needs to conquered first for higher prices.
If BTCUSDT fails to move forward in the coming days, expect an early start to the corrective wave.
Comment:
We are seeing a new high on the 1H timeframe and turning into a "failed signal."

Notice the volume
1H

30M

4H (This one still needs more than one hour to close but as it looks now, this is it; confirmation is needed though.)

Allow time for the current move to develop.
Comment:
So far today's move turned into a shakeout, which can be considered neither bearish nor bullish but it did pronounce 53K as major resistance.

βž– Breaking 53K decisively can definitely lead to higher prices.
βž– Failing to break this level in the coming days would work in favor of the bears.

Namaste.
Comment:
Ok, so the top is confirmed and the C wave will start now.

Daily:
4H:
πŸ‘‰ Short-term we will be going first to 45,200.

The most relevant question in the coming days and weeks will be:
How far down can it go?

We have several targets based on technical analysis (TA), these are the following based on the weekly timeframe:

1) 38,5000

2) 35,0000

First stop.
The first stop and main support range sits between 31,000 and 35,000.
πŸ‘‰ Since this is a big range we can aim for the middle of the range as the average target 33,500.

3) 23,500 - 29,800

Second stop. (Numbers have been updated to reflect current price action; final peak.)
πŸ‘‰ This is a big range as well with the middle portion being 26,650.

These are the targets based on TA (Fibs., past history, moving averages and wave proportions) fully updated to 21-February 2024.

Please share a comment with your targets for learning, discussion, entertainment and fun.

Thanks a lot for your continued support.

Namaste.
Comment:
Michael Saylor is once more on TV saying "I'm Going To Be Buying The Top Forever."

The attentive reader will notice the pattern.
This is a signal and we should be grateful for his help.

He is saying that the top is in.
Last time he said this was on the 2nd-Jan before a major rad candle.

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