Bitcoin may look pretty bullish, but do not get distracted. The price is forming a bearish distribution pattern inside a bearish parallel channel, as you can see on the chart. Right now, the odds are in favor of another crash. I am not saying this only because of the price action, but also because of the Elliott wave theory: as per my wave count, I am expecting bitcoin to finish wave (C) with a 1:1 Fibonacci extension level. Also look at previous waves, and waves (B) at this point look like an ABC bearish pattern.
Why is 58K important? We have a major swing low from March 5, 2024, and clearly there is a lot of liquidity and orders from retail traders. The whales need to consistently go for strong liquidity levels, as that's their only chance to buy bitcoin with a large amount of money. What they want to do is buy as much Bitcoin as liquidity allows and then send the price to the moon.
Right now, I really cannot be bullish on Bitcoin, but let me know your opinion in the comment section! I will be very glad. 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.
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Range on the 1h chart, trade a breakout/breakdown.
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The range is breaking down! Short-term bear market confirmed.
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The crash is real, buy cheap bitcoin! 58k seems to be a reasonable level to buy it-
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The major trendline on the Daily chart is breaking down as well! Expect more downside.
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My Elliott Wave count:
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Huge wave (4) is in progress, but after that expect a continuation and pump above 80k!
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Retest of the distribution phase, good to enter a short position if you haven't already.
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This is the last update on this post. Now, new updates will be in my new post:
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The symmetrical triangle is valid, the price is inside this tightening range.
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The price of Bitcoin just hit the trendline of the parallel channel:
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The triangle can be redrawn if needed.
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Bitcoin crashed, most people in the comment section are in disbelief now.
@raphaeltremblay1, Bitcoin crashed by 8% after I post it, so I was again right.
Gunslinger2005
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@Xanrox, 8% is not really a crash. and that is half of your original idea. and you posted it since the "correction" not "crash" already started. nowhere near 58k. And honestly man this just looks like reaccumulation sideways action here. Does not look bearish at all
AcidBomb
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@Gunslinger2005, On top of that the halving was coming and if you look at historical data it does the same thing every time. It does right beforehand and right after because miners are getting out while they can. Then there is a huge bull rush. You got to remember people like this are always wrong. If they had anything worth listening to they wouldn't be posting it because then they would lose money. You don't give out working strategies. He's just a worthless loser looking for clout to say he was "right" even though he was wrong. He still lives in the delusion that he was right, reason hes trying so hard to be "right" is because in reality, especially in real life nobody gives a shit what he has to say. Everyone knows he's a worthless loser and will do nothing but lose them money. That's why he has to somehow guess on here to show to himself that each thought he has isnt useless like they have been the rest of his life.
rostyle
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@Xanrox, 30% idea was posted 3 months ago acording to my situation is still 20 % possible at all some of my trades fall out 60 % acording to 8% btc fall so another 8 % will kill a market for people that stuck in trades since 30 days Regards
Fear_Zero
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@Xanrox, You predicted Iran to send 500 drones to Israel? Well done Nostrildamus!
AcidBomb
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@Xanrox, nah that was before halving it was obviously coming. your whole strategy is garbage. You can live in some delusion that your right but how's that short going for you? So many tards on here posting garbage strategies. If these people knew what they were talking about they wouldn't need anyone else's acceptance is they were right. If this guy had 1 thought were listening to in his head then he wouldn't be posting it hoping he was "right". He would be making money not giving it away like everyone else does. Only people that post stuff like this know they are losers and are looking for others to find meaning in their life because nobody in real life gives a shit LOL.