Hi everyone
I take a look at the chart more deep and came up whit this idea that maybe our downtrend not done yet and we have way more to touch our bottom.
I have 3 reason for my assert.
1- BTC halving is near(around May) and if we look at the halving history we can see after halving the price go downward more and sideways for weeks
this could be the confirmation of new uptrend cycle and even new ATH. so I don't think institutions and whales want to lose this big chance that could
never happen again so it make sense that price should give them chances to accumulate as much as they can.
2- Covid 19 virus, that affect every market all over the world and all countries are making themselves ready to the most worst scenarios. it could be
a catastrophe every where and it makes the situation worse for all markets to fall downward more deep even for long term.
3- as TA sentiment, you can see the Elliott wave I drew (I'm not shore if it is correct so would be pleased if anyone correct me) on our downtrend and
according to my drawing the price is going to complete wave 4# and if it is validate we have our final wave left to do. on the other hand the price
is moving in our green chanel (also could consider as bearish flag) upward to our main resistance line and 200 EMA. so if my E-wave is validate
I supposed the price touch our main resistance or 200 EMA to complete wave 4# and then goes downward to the bottom zone.
after all no one can claim to see the future to forecast the exact market trend but I hope to give you a big view of what could happen.
stay safe
Enjoy the market
I take a look at the chart more deep and came up whit this idea that maybe our downtrend not done yet and we have way more to touch our bottom.
I have 3 reason for my assert.
1- BTC halving is near(around May) and if we look at the halving history we can see after halving the price go downward more and sideways for weeks
this could be the confirmation of new uptrend cycle and even new ATH. so I don't think institutions and whales want to lose this big chance that could
never happen again so it make sense that price should give them chances to accumulate as much as they can.
2- Covid 19 virus, that affect every market all over the world and all countries are making themselves ready to the most worst scenarios. it could be
a catastrophe every where and it makes the situation worse for all markets to fall downward more deep even for long term.
3- as TA sentiment, you can see the Elliott wave I drew (I'm not shore if it is correct so would be pleased if anyone correct me) on our downtrend and
according to my drawing the price is going to complete wave 4# and if it is validate we have our final wave left to do. on the other hand the price
is moving in our green chanel (also could consider as bearish flag) upward to our main resistance line and 200 EMA. so if my E-wave is validate
I supposed the price touch our main resistance or 200 EMA to complete wave 4# and then goes downward to the bottom zone.
after all no one can claim to see the future to forecast the exact market trend but I hope to give you a big view of what could happen.
stay safe
Enjoy the market
