Hello Traders and Investors,
Bitcoin is not looking great on the TA case. We broke under an uptrend and couldn't get back above it on the 4H time frame. This is a classic ABCD wave setup with a target at roughly 25k. Once we do hit 25k, we will most likely retest 30k and make our way lower to 20k.
I have made a post back in February suggesting Bitcoin will top out at 63-65k and a correction to 30k will happen. At the time, I was in favor that we will see Bitcoin at 120k after a correction to 30k. But taking a look at price action and Bitcoin's history; a move lower to 20k is most likely to happen at some time.
Unfortunately, many people will not take this lightly since majority of people bought this at higher prices and are on some hopium. But Bitcoin and Crypto as a space have grew very quickly, this correction is part of the crypto cycle. Also Bitcoin have always retested previous ATH before going higher.
Of course, there is a possibility for Bitcoin to continue higher, but odds are against it currently. We will want to see Bitcoin close above 42k or make higher high before we can flip bullish again.
Let me know your thoughts.
Bitcoin is not looking great on the TA case. We broke under an uptrend and couldn't get back above it on the 4H time frame. This is a classic ABCD wave setup with a target at roughly 25k. Once we do hit 25k, we will most likely retest 30k and make our way lower to 20k.
I have made a post back in February suggesting Bitcoin will top out at 63-65k and a correction to 30k will happen. At the time, I was in favor that we will see Bitcoin at 120k after a correction to 30k. But taking a look at price action and Bitcoin's history; a move lower to 20k is most likely to happen at some time.
Unfortunately, many people will not take this lightly since majority of people bought this at higher prices and are on some hopium. But Bitcoin and Crypto as a space have grew very quickly, this correction is part of the crypto cycle. Also Bitcoin have always retested previous ATH before going higher.
Of course, there is a possibility for Bitcoin to continue higher, but odds are against it currently. We will want to see Bitcoin close above 42k or make higher high before we can flip bullish again.
Let me know your thoughts.
Comment:
Bitcoin broke out of the BC formation and is starting the CD move now towards 25k. Will make an updated post with more accurate analysis with new price action.
