Bitcoin is Exactly following its Old Pattern or Rising closning Wedge You can say.
When it was on 64k in May 2021. Once it broke its rising wedge it could never came back.
Now Again it broke Rising wedge and created lower Low.
What to expect in Long Term?
As in this Chart you can say Bitcoin Exactly Followed the same path in this mini Bullrun or You can Wave B according to ABC Pattern. Wave C is always equal or greater then Wave A . Wave A was when it dropped from 64k to 29k . Wave B was when we moved from 29k to 53k. Now we are are in Wave C started with a Huge Drop from 53k to 43k and as i stated earlier Wave C is equal to Wave A which was around 34k Drop now if we take 34k drop from 53k it will give us the Target of 19k as Wave C in the upcoming Bear Market.
What to Expect in short term?
Btc has Good Support arround 42000 and 37000 we can see btc dropping down to these levels in next few days. As similar as it happend when btc dropped from 64k.
After that we can see relief rally upto 49000 - 51000 because its .618 Fibonacci Retracement of this recent Drop of 10k. That will be the Last chance to sell Your Crypto bought on Higher Prices because after that it will be going Ugly and we may see Crypto Abyss near to end of this Year.
When it was on 64k in May 2021. Once it broke its rising wedge it could never came back.
Now Again it broke Rising wedge and created lower Low.
What to expect in Long Term?
As in this Chart you can say Bitcoin Exactly Followed the same path in this mini Bullrun or You can Wave B according to ABC Pattern. Wave C is always equal or greater then Wave A . Wave A was when it dropped from 64k to 29k . Wave B was when we moved from 29k to 53k. Now we are are in Wave C started with a Huge Drop from 53k to 43k and as i stated earlier Wave C is equal to Wave A which was around 34k Drop now if we take 34k drop from 53k it will give us the Target of 19k as Wave C in the upcoming Bear Market.
What to Expect in short term?
Btc has Good Support arround 42000 and 37000 we can see btc dropping down to these levels in next few days. As similar as it happend when btc dropped from 64k.
After that we can see relief rally upto 49000 - 51000 because its .618 Fibonacci Retracement of this recent Drop of 10k. That will be the Last chance to sell Your Crypto bought on Higher Prices because after that it will be going Ugly and we may see Crypto Abyss near to end of this Year.
This was Expected as when in may it dropped from 64k it retraced .618 which was 59k after that dump was really ugly.
I am also expecting the similar dump this time which may be around 34000.
But strong supports like 42250 and 37000 should be kept in Mind.
Bitcoin is Exactly following the previous Fractal.
Happy Days.