Bitcoin Bogdanoff - Can this pattern predict the bottom?
- The Bogdanoff twins claimed they participated in helping Satoshi Nakamoto build Bitcoin. Is this true or not? Let me know in the comment section right now!
- The question is, can this weekly chart's falling wedge and bullish flag predict Bitcoin's bottom? I think it's definitely possible and maybe even likely!
- Bitcoin is still very weak compared to the stock market or gold. A lot of people hate Bitcoin and spit on it as well.
- This is one of the possible Elliott Wave counts that can predict the bottom as well. As you can see, the previous impulse wave from 2018–2021 was pretty much a textbook wave. What traders usually do is wait for a bearish retracement to buy the DIP. In other words, they wait for the ABC correction to enter the market.
- In the current situation, the ABC correction is still developing, and we need at least one more huge swing low to complete this pattern. At this moment, it looks like an impulse wave and we don't want to buy it.
- The 0.618 FIB of the previous impulse wave, as well as the start of the POC on the volume profile, make 10 300 USD a strong support.I would not be surprised if the market takes liquidity below the previous swing low of 9825 USD.
- I really want a bull market because everyone in crypto is toxic, and of course I don't like it. I like it when the majority of people are happy. Also, I want to open an investment position on bitcoin, but not now.
- Maybe the bottom is in and we will go up from here, but I doubt it. The likelihood is now around 25%.I am waiting for the main yellow trendline to be broken before I can change the probability to 70%.
- If you disagree with me, let me know in the comment section why. I look forward to your comments!
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