As per my latest analysis bitcoin rejected the resistance at 23500 and now is trading at 22500. In lower time frames it made a clear inverted cup and handle pattern which is confirmed by breaking down the main support at 22700. For now I expect the price to see lower support levels at 22K, 21.5K and 20.8K as the projection of the inverted cup and handle pattern.
Maybe Luna was supposed to be here! The main channel was broken by the start of 2021 which I think was a hype and in other words, a bubble created in not only this coin but in a bunch of crypto assets. Now, these bubbles are bursting, that simple.
Bitcoin dumped as expected in my last analysis and now it's trading on the major support I mentioned already. But the market is still unstable and we may have further red candles so I recommend waiting and watching how the market will react. There are two scenarios in my mind for the next move.
1. Complete recovering from this level and turning tables
Tether dominance is moving in a parallel ascending channel with an acceptable fractal which is now indicating a bullish episode of growing dominance. As dominance goes up the whole crypto market will suffer more correction. So I expect the bearish market to continue yet until around %9 USDT.D which is the top of this main channel.
A clear cup and handle pattern is forming on the monthly long-term gold chart. The confirmation of this pattern will be the overtaking of the recent ATH at $2075 and the targets of this scenario will be at $2775 and $3492 for the major cup and handle and 2367 and 2567 for the minor cup and handle pattern in case of confirmation (>2075).
In another scenario which...
BTC is painting a bearish flag pattern and the pattern will be confirmed in case of breaking down of the bottom support of this flag at around $40K, this scenario can drag the price down to 26 - 27K which is the projection of this pattern and also the support of the main huge broadening wedge pattern on the weekly chart as well as the wave E of Elliott waves. This...
SHIB made a clear bearish pennant on 4h chart and it's ready to break down. The ultimate target for this pattern is around 0.0000139
This analysis will be invalidated if it closes a candle above 0.0000236
AR just painted a head and shoulders pattern and recently broke out of the neckline of this pattern. Since the whole market is bearish and on correction right now, AR will also see more dips. I think we are on the "A" wave of Elliott Wave counting. I expect the A wave to end at $18 and then bounce back up to the bottom line of the main head and shoulders which...
ChainLink just broke the most important support level at $16 and now the price is heading to the next support levels. The target projection of the main head and shoulders pattern is around $4 but before that we have some initial supports to hold the price at $10 and $5
According to the previous analysis DXY bounced at the mentioned support level with a double bottom pattern. Now DXY is ready to make another leg up and this move clearly isn't good for commodities and that's why I expect a crash in the commodity markets like stocks and crypto
Nasdaq just broke out of a rising wedge which is a fractal of the March 2020 crash but on a larger scale. This potential crash will affect all of the markets IMO.
This Analysis is My Personal Opinion, Not Financial Advice. DYOR
We are now at a critical point in the markets since the Wallstreet and other commodities hit the ATH with an outstanding performance. This is how I see the S&P500 Index for the upcoming weeks and a huge crash is possible in the markets. If this scenario plays out this %32 drop is coming after the %100 rally in SPX and 3K is the main support for this crash IMO.
Bitcoin is still on a deep correction and the whole market seems bearish. This is my view on Bitcoin for the weeks ahead. I think it will not stop dipping until 25K. A shadow to 21 - 22K is also possible. Elliott Wave count and support cluster indicates that BTC price has to see 25K before any other moves
Ethereum is struggling with an important support level. This is the last defense of bulls to take back in control IMO. If it breaks this support I expect a crash to $1.7K and then a pullback to 3K level to complete the right shoulder of a huge H&S pattern and then the real bear market kicks in with the target of $1.1K.
This scenario can be played out in case...
Alice is making similar patterns as previous ones on its daily chart so I expect it to repeat the next patterns as shown with the initial target at $19 and the main target at $33.
A daily candle close below $10 will invalidate this analysis