Bitcoin - No one talks about this trendline, last wave up!
- Bitcoin is appraoching an extremely strong resistance at around 30k. The chance of crash from this level is extremely high!
- We can see that the uptrend from 20k to almost 30k in March is steep and without any major corrections.
- From the Elliott Wave perspective I expect last fifth wave to the upside to complete an impulse wave. We can find a resistance at the major trendline that you can see on the chart, or you can call it a broadening wedge.
- If you open a short position slightly below 30k, then what is the profit target? 0.618 FIB and POC of the previous structure is at 23k. If you want to take profit earlier than 0.382 FIB at around 25k is the next option because it is also a strong horizontal resistance on the weekly chart.
- 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.
- If we take a look at the RSI indicator on the daily chart, we can be sure that after the final impulse wave the indicator will be oversold, so this is probably not the best time to buy/long at this point.
- In my opinion, a CRASH to 15k is probable later this year, maybe in September / October, so be prepared for it because this will be the best time for an investment position with a target of around 150k!
- I took a look at all major altcoins on major exchanges and I can tell you that 95% of them looks totally bearish on the highest timeframe, the bottom is definitely not in for them.
- This is my game plan for Bitcoin at this moment as I said I expect one last wave to the upside before a huge crash. I am not going to long or buy Bitcoin at this point after this pump because it's of course dangerous and we have a lot of unfilled GAPs below the current price.
- Thank you, and for more ideas, hit "Like" and "Follow"!
