#BTC update on my Elliott wave count;
As I shared with you before, we are in wave C, IMO, and we are very close to the end of this wave. I expect to see $28k to $30k. If this level cannot hold, then even $20k is possible and still, the EW rules don't invalidate.
I have no idea about the time period.
Price got rejected at the resistance (red trendline) and also dropped below the support area (green area). I expect to see a bounce from $37k area.
Also OBV is very close to a support trendline. Failure to hold this trendline would result in a test of the red area. If this happens, then the price would drop to $30k area.
The weekly candle closed below EMA55.
The last time when the price dropped below the weekly EMA55 it recovered fast and closed above it.
It should happen again now, otherwise, things would get uglier.
Wow, everything is on the edge.
If this support cannot hold the price, then things will get uglier.
RSI is at a very long-term trendline. If it drops below the trendline, then we should probably forget about a bull market for awhile.
Alos, OBV is going to break the trendline to the downside too.
No sign of hope so far.
But always remember, whenever all...
Cardano, which another project I really like and have a long-term bag, after being in a long-term uptrend showed 60% correction.
Now, the price is at the golden Fib. ratio (draw the Fib. from the low in March 9, 2020) and just above the WRL level (around $1.15).
This level showed good support over the last 6 weeks. However, I think a very quick drop to the...
As you can see on weekly chart, an ascending wedge formed and price showed good reaction to the top of the wedge; almost retraced 50% so far.
Now, the price is at the edge to flip bearish, if it cannot hold the lower wedge trendline.
The price is just above the WRH level, which is important to hold this level to keep the long-term bullish structure.
I shared my TA before when the price was at the top of the channel and told you that we will see a major correction from there.
Now, here we are, experiencing almost 65% correction. The channel's midline couldn't act as a support to hold the price and now the next support is Fib. 0.786 level.
However, I think this Fib. level cannot hold the price too and we...
Price has been under the MA200 for the last 6 days, which is a sign of weakness. It's now above the first bullish trendline (red trendline). Failing to hold this trendline would result to see lower prices.
if it cannot hold the red trendline, there is a #bearish trendline (orange line) that can act as support now. Also, there is another #bullish trendline...
This is the last #BTC chart in 2021:
Although the price formed HL in weekly TF, but RSI showed weakness, the RSI level is lower than the previous HL. To see the continuation, price should hold the red trend line and RSI should break the orange line to the upside.
Failing to hold the FIb. 0.382, the next support is Fib. 0.5. Also, OBV broke the bullish trendline to the downside, which is a sign of weakness.
In weekly TF, OBV is at the edge of breaking the trendline to the downside too.
This is what I see; #bearish divergence on weekly TF.
Don't listen to your #influencer, pay attention to what you can see on the chart, and play accordingly.
Don't get me wrong; I don't say it will drop for sure. My point is to consider what makes sense based on your TA.