📌 Supply Demand - Wave Analysis - Support Resistance
📍BTCUSDT chart is looking so complicated nowadays... with having so many NEWS and such different ideas about the price's future
📍Let's go straight to the point, from Elliott wave point of view we may see a retest and pullback to 2 zones to complete the bullish correction of the previous bearish momentum:
1- 53600 2- 56800
📍After the pullback we may see the 41900$ which is the 0.5% Fibonacci and even 39600$ which is the 0.681% Fibonacci (I do not think we will see the second level) to complete the 5th elliott wave.
✍🏼 I personally think BTC and Crypto did not reverse in a bearish cycle yet so we still have some time left especially before the end of 2021.
✍🏼 I guess we might see another ATH before December but if this time price fails to break the 65k-69k zones we might need a very long time to see another ATH ever again!
⚠️ HOWEVER I want to mention that price growth is REALLY slowing down and becomes so frustrating at the moment; I can remember 30k zones back early this year; if we compare these 2 zone together we can clearly feel the frustration and how much lack of hype can influence the charts
⚠️ The latest correction / dump happened vastly due to the new OMICORN so called ''virus'' or ''pandemic'' but why did not we see a very huge dump as we have seen like the 13th March ? But WHY?
✍🏼 I have 3 answers for that:
1- People know how to deal with a new pandemic or so called "VIRUS"! 2- The fear about the new variant of so called "VIRUS" did not last long 3- WHALES did not feel like to dump the charts more than that :))
🤔 One thing that does annoys me is how unrealistic some predictions / TAs look in TradingView ideas?
🤔 How can someone have a 300k price target before end of the year, but suddenly after the 30% correction their target changes to 10k?
⚠️ It is very dangerous for other traders to follow others ideas especially with lack of evidence and or knowledge
⚠️ For having a 300k Bitcoin we need more than 5 trillion dollar TOTAL market cap and if you look wisely at the TOTAL chart you may find it a little bit unrealistic !
This is TOTAL chart along with RSI and its Hidden Divergence !
⚠️ Your money is valuable and so is your time. Do not rely on other opinions when trading and or investing!!! <3
THIS IS NOT A FINANCIAL ADVICE PLEASE DO YOUR OWN RESEARCH BEFORE TAKING ANY SELL OR BUY POSITION GOOD LUCK NP TRADER
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Will wait till the next weekly candle and this candle to be closed...
If it could manage to close above or even at 38k-40k levels then we can confirm a potential pullback to the 53k - 56k levels
If not the lower prices are expected
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The price have already broken the 40k's levels so far...
We shall be ready for the further bearish movements