BTCUSDT
Following BITCOIN inability to find support on its primary technical support level in early January, BTC has been on a downward 👇 trend. Ideally based on elliot wave principle ,after impulse comes correction. Hence we already saw some correctional moves the past few weeks and are approaching a significant zone in the market where I expect downward 👇 continuation. This zone is having a multiple number of confluence . These :
1. A bullish dollar - Fundamentally ,bullish dollar limits expansion for stocks and stock lookalike. The question now is - BITCOIN is it a stock or stock lookalike ?
2. Horizontal Support TURNED Resistance : Zone flip or alternation is a common concept of Technical Analysis where broken support turns resistance and vice versa
3.Diagonal Support TURNED Resistance: As in two above .
4. Presence Of A Bearish GARTLEY HARMONIC Pattern : Harmonic Patterns are strong reversal signals in the market . Having aligned with my zones , I call this a high probability confluence.
5. A Psychological Price Level : The $50k is a significant price level PSYCHOLOGICALLY where i do be expecting a reversal.
With these few pointers , I will be anticipating a possible downward 👇 continuation whose extent is not known.
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