Bitcoin - Another drop starting! 57k target, then huge rallye!

Jun 9

I believe Bitcoin is ready for another huge drop to 57k! I have the following reasons for this statement:

1. Bitcoin still didn't hit the major target 0.618 Fibonacci retracement of the previous bull market (2022-2025). It's like without this achievement, there is no way to go up.
2. Near this 0.618 FIB, there is a 0.382 FIB on the log scale. This is another major target that the bears should hit before any pumps. 0.382 is basically inverted 0.618 (0.618+0.382=1.000).
3. Also on the weekly chart there is unswept liquidity below the previous swing low (58946). The majority of traders have their stop loss here, so the whales want liquidity.
4. I still don't see any buying activity from whales, the chart looks pretty bearish, the wave structures are corrective rather than impulsive from the Elliott Wave perspective.

Currently I am bearish and patiently waiting for the major target of 57k. I think this is a pretty good opportunity to take profit and enter a long position. I believe Bitcoin is not going to go to 42k in a straight line because the market usually moves in waves. I expect 70k after we hit 57k.

On the chart we can see another bear flag pattern with a corrective structure of WXYXZ. This is a pretty bearish combo, so I am not really buying at this moment. But what about you?

Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! I am very transparent with my trades. Thank you, and I wish you successful trades!

Jun 10

Trade active

Retest of the flag was successful. Good to enter a short position.

Jun 11

Trade closed: target reached

As we can see, it hit the first profit target 1 exactly as expected, but then the price went up. It hit our first profit target.

I am definitely not bullish, this is just a retest of the previous range/bear flag. Expect another drop! ABC formed.