If you ask yourself how low could BTC Fall during this correction ? Well .. it all depends if you believe to EW counts and Fibonacci extensions.
This EW Count shows my expectation of FreeFall back down to 11K zone in case of A:C 1:1 Extension. Right now Bitcoin is fighting for most iportant levels. If he fails. We could finish in a BEAR market for months (maybe year or 2 untill another Halving ?).
This is not investment advice, just my warning how bad it could be. Even when I am very Bullish LONGTERM ... also You should always ask yourself if you risk only the money you will not need for such longtime ;)
Trade and invest safe, always consider risks.
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Local Uptrend channel = Bear flag is broken down.
Right now important level is around 35200. (Main channel) If BTC break it down, we could see test of 33-30K zone again.
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Quick update, its quite difficult to count subways, so my best gues right now is something like this.
when there will be chnace to do it more preciselly I will post update.
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Alternatie EW count. Liquidations and stop-losses below 29K support vere reached. (Huge liquidity fpor big shorters).
Now many people finally sold and turned bearish into shorts. (new liquidity area is around 28-29K (top-losses for shorts of small players // retail).
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Quick update:
Its Shorting time ... hopefully you can figure out how to trade this. ;)
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2H Timeframe:
Notice how steep was wave (iii). Wave (v) should be milder. My expectation now is around 18K as best scenario and 13(12)K as worst.
Lets wait and see together ;)
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Small but important levels ... Lets go BTC.
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Seems like BTC is falling like a Stone ... how much momentum does it still have ?
1W RSI is aproaching historic lows (even below 2018 correction). So if we fall down further it could be very bad.
Also we are currently below EMA 200. so I consider a possibility of retrace up to 27K to test it. What will than could describe screen on the next Update.
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Good morning guys, hopefully you are doing great ;)
Oh yes, this is my opinion from a long time ago. But my opinion is that we will reach 10 thousand in the next 5 months and then start growing again. Start up to 350 thousand in 4 years, of course.
aike247
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your chart is so cumbersome, please KISS.
SlavicChartist
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@aike247, In thiscase its important to keep it slightly more densed with informations. Every part of Elliot Wave count is important. But the main idea is, we should be in the beginning of Wave C = direction is down until something very big happens. But bcs DXY is very bullish, all assets like Crypto + Shares (SPX) will go down.
degenerate_trader
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looks cool , but im too stupid to understand it, so I'll just leave a like
SlavicChartist
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@degenerate_trader, Also dont forget to Panic Sell and subscribe for regular dose of negative news :D :D
MaureenRovitaSwanston
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Really??
MaureenRovitaSwanston
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This hilarious
SlavicChartist
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Good morning guys, hopefully you are doing great ;)