This is a quick update on Bitcoin's short-term price action! Bitcoin is moving in 3 wave structures, which indicates a triangular formation that usually breaks in the direction of the main trend!
I am bearish on BTC until we hit my price target of 24800, which is a significant swing high from June. The triangle suggests it as well.
I expect a final impulsive wave to the downside before a pump back to 27,000. I think this break of the triangle will be only a fakeout to take liquidity, so make sure you take profits and do not stay in the short position for a long time!
Now the question is, will we see another bounce from the ascending trendline of the symmetrical triangle? It's really possible because, from the Elliott Wave perspective, triangles have 5-waves in them, as ABCDE. Now Bitcoin is in the D wave. But sometimes triangles are shorter, and we could go down sooner rather than later.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
Overall, you probably know that I expect 21k to be hit later this year and potentially 15k next year, so do not buy any Bitcoins at the current price!
Thank you, and for more ideas, hit "Like" and "Follow"!
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Wave (D) or last wave (5) is still in progress. Expect a crash soon!
@leoleo97 he's not really wrong though. btc may not have gone down before pumping, but the other coins did and his target for upward is within range. I personally knew btc was to go up before going down, but I didn't think it'd get to almost 28K. My target was ~26800 as top so now I'm weirded but still think it goes down next.
thechein
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@leoleo97 actually I analyzed one of his altcoin predictions and acted on it and saved about 5 grand in losses that started within a couple of days of the prediction. that coin hit his predicted low a little over a week ago and it's been rejecting it repeatedly as bitcoin struggles.
furthermore we know that historically btc tanks right up to a halving which is incoming soon, and then gets about 18 months of growth.
it's an observable fact that any tone btc experiences any kind of major sustained movement the majority of the market trends with it.
while I don't think the drop will be as catastrophic as he does, I'm not confident that there won't be one. as btc gets closer to halving there's a measurable probability that it will dip further.