I think this is soon to be sure downtrend is over.
We are in the b wave of Elliot waves, and we have strong resistances to pass so we shall wait and see.
I am not disappointed, and I think maybe it is a good movement of the market but i am not certain.
I explained in my previous prediction
so I want to predict what is the minimum price for Bitcoin if we lose the supports in this level.
Do Not Forget these are only predictions and we can call the bearish market is over when we see changes and weakening in the bearish trend.
I draw two lines on previous chart, now our down line acting as a resistance. If it breaks we gonna see a bullish trend. 42k is not the peak point, more is coming. Just be patient.
I'm just a trader like u guys, and I just wanted to share what I saw here. Don't take it as a financial advise.
Bitcoin market makers are using this simple trading pattern since the last top 13441$ (24th june). It took 21 days to BTC to reach the bottom of the contracting triangle (15th july) and exactly another 21 days to find the top of the triangle (5th august). If we continue in this pattern inside the weekly chart we should reach approximatively 11417$ sept 16th. Cheers !
