Bitcoin is starting something big! (Elliott Wave)
- Bitcoin is very bearish, and I expect lower prices. We have a strong bearish Elliott Wave base (a symmetrical triangle), and on the chart you can see my primary Elliott Wave count. This strong Elliott Wave base is an indication of a big crash.
- The price should not go above 27666 (only a wick is allowed above this level). This is a strong resistance because of the previous wave (1), and wave (4) should not go into wave (1) territory. But I have an exception for this ruse, so I allow a very small overlap. Usually there are a lot of orders, and the market wants liquidity, which is why sometimes they overlap. Also, it depends on exchanges.
- The bullish Elliott wave count is different. The symmetrical triangle could be an ABCDE triangle wave B, and we have just finished the ABC correction. In this case, the ABC correction could be completed, and we are ready to go above 31k. It's possible, of course, but my primary outlook is bearish. But if you are bullish, you can take this count into consideration.
- In the next few weeks or months, Bitcoin will reach 21k and 15k after that at the end of the year. 10K is possible. We need more data to establish the target for the bear market, and we need to wait for the price to develop.
- 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 post trade setups privately.
- What I personally recommend is to take only shorts on futures and avoid longs until the end of the year.
- This s a quick update on BTC. Thank you, and for more ideas, hit "Like" and "Follow"!
Comment:
Bitcoin finished the minor (4) wave at 27663. As I told you before, 27666 was a strong resistance, and it did not overlap at all. Now we can continue the downtrend. The chart is very bearish.
