Hi everyone!
BTC price has fallen below the 2018 ATH, area which in the last few months has been acting as a strong support. If we manage to close the weekly below this level, we may see further downside.
After having a look at the Monthly chart, the first thing that came to my eyes was the Elliot waves. We have had a nice 5 waves bull market, and now a 3 waves bear market. The 3rd wave is still in the making and, given the nature of the markets, we cannot establish how low the bottom is. However, we can see that these 3 correction waves can be seen as a bear flag. Its target is matching with a Key Level as well as with the target we would reach if we had the same 84% decline we had in 2018. This increase the likelihoods that the $11800 target is very well reachable. So as the saying goes"history does not repeat itself, but it often rhymes".
Let's see what the market does and adapt to it!
I would love to hear your ideas! :) Do you think the bottom is already in? or do you see more downside possible?
BTC price has fallen below the 2018 ATH, area which in the last few months has been acting as a strong support. If we manage to close the weekly below this level, we may see further downside.
After having a look at the Monthly chart, the first thing that came to my eyes was the Elliot waves. We have had a nice 5 waves bull market, and now a 3 waves bear market. The 3rd wave is still in the making and, given the nature of the markets, we cannot establish how low the bottom is. However, we can see that these 3 correction waves can be seen as a bear flag. Its target is matching with a Key Level as well as with the target we would reach if we had the same 84% decline we had in 2018. This increase the likelihoods that the $11800 target is very well reachable. So as the saying goes"history does not repeat itself, but it often rhymes".
Let's see what the market does and adapt to it!
I would love to hear your ideas! :) Do you think the bottom is already in? or do you see more downside possible?