THE BEAR MARKET CONTINUES PART XII for BNC:BLX by Fox666

Welcome for another grand update on Bitcoin part of THE BEAR MARKET CONTINUES PART XII.

Even though Bitcoin has surpassed its All Time High of April, i still believe that an epic fall awaits us. A huge bearish divergence on the RSI has formed on the monthly chart. We also see that the monthly chart closed almost exactly at 161.8% of the wave (a). The wave target (c) is based on the bottom trend line of a huge growing fibo channel. Note that FINAL TARGET goes exactly to the top of wave III.

Each of the waves has its target for some reason. The waves are not drawn randomly. Wave I has a target of approximately 13880 USD. There is a high wave swing (V) and also a peak wave a. The area is also located weekly MA 300. Wave II has a target of approximately $ 34,500. It's a point of control for the entire structure from $ 20,000. At the same time, there could be a moving average of MA 55 weekly. Wave III has a target of around $ 2,560. There is strong weekly support at this level. There is also a Fibo retracement 0.236 throughout BTC history. Wave IV has a target of 10760 USD. It is the center line of the whole channel and strong monthly resistance. Note also the Fibonnacci relationships of the individual waves that they are also not random. Wave V is the end of wave (c).

See past analyzes of this series for more information.

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Distribution channel

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Stages bubble

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A big fall is coming soon.

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Expanded FLAT

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It was BTC that tested the large distribution channel in which it has been since January 2021.

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After the breakthrough channel, in which we have been moving since January, there was a huge fall. Why did he just stop at 25400? When we copy the channel down so that its original bottom line is now the center line, we find that we have just tested the current bottom line.

Now BTC could go test the original channel.

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In the last update you see small Head & Shoulders. Now we have a bigger H&S and we have tested its neckline. The target is somewhere around 35600.

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Wave b triangle

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Evening star pattern

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Wave 3 completed
Wave 4 should test the distribution channel

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On the chart we can see that BTC went below the MA 300 for the first time in history which was the support in March 2020. Now it has tested the MA 300 from below and there is a rejection. This is an extremely bearish signal.

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Wave I may not be complete yet.

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Looks like wave I is complete. BTC made the biggest rally of this bear market since ATH. It appears to be completing Subwave A from Wave II.

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A dead cross is approaching on 1W, for the first time in history. It is possible that subwave C of wave II will fail and we will not break this top again.

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Death cross is tested. We are now testing a very important resistance.

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Looks like we're finishing II. wave and we're in for an epic drop.

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Triple Three Elliott Wave Structure

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