Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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The bears have taken the reigns of the megaphone as they have broken through the bottom of the range we had in our previous analysis and the HL made by the bulls. I am targetting the 61.8% ratio for the PRZ of after D for the Harmonic as TP1, and if that breaks downward, TP2 would be the bottom of the megaphone boundary (probably the last bounce we'll have on it if we do break through TP1 to produce a NSL. TP2 has confluence with an Elliot Wave count I have which lists 5.5k and 2.8k as possible long-term supports. I have posted the trendline below the price action and dragged it to the top of the price action to produce a channel, if all goes well it should follow that channel; however that means a slow descent down if we don't make any significant price dumps.
Leave a like if you'd like to follow this analysis as I will answer questions and update in the comments if anything significant happens before 6/28.
@BlazingAzn88, Hey Sam I will label it on the next harmonic, but D leg of the harmonic is the far right leg of the harmonic pointing upward, there are TPs after each D leg of a harmonic, this one is 61.8%. But D can also signify the Daily interval as well
bdadon
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Do you have a short time fram EW count? Like over the next week to month?