Hello, everyone!
Today it's time to update the long term
BTC
analysis. I suppose in the upcoming week we will see the bear market continuation. I don't know if Bitcoin price is going to break $15k, but anyway big correction is incoiming!
For our analysis we should use 2D time frame because it's needed 100-140 bars in Elliott waves analysis. BTCUSDT has printed the impulsive wave 1 and after that retraced exactly to 0.61 Fibonacci retracement zone in the irregular reactive wave 2, At the bottom we saw the bullish reversal bar and the huge rapid pump is wave 3. This impulse was almost vertical, but Awesome Oscillator was not able to create the new high. Of course, wave 3 should not create the divergence with AO, but in rare cases it could be true.
In our case I think that BTC is going to form the double divergence between waves 1, 2 and 5. This is an extremely strong bearish sign. AO has almost printed the first decreasing bae, it means that bullish momentum is gone and bearish divergence is almost confirmed. Current candle will close tomorrow and I am going to watch out.
I pointed out the target zone for the wave 5. It's a little bit wide, but we can find the sign of reversal on the local time frame. I will update when it happens.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
Today it's time to update the long term
BTC
analysis. I suppose in the upcoming week we will see the bear market continuation. I don't know if Bitcoin price is going to break $15k, but anyway big correction is incoiming! For our analysis we should use 2D time frame because it's needed 100-140 bars in Elliott waves analysis. BTCUSDT has printed the impulsive wave 1 and after that retraced exactly to 0.61 Fibonacci retracement zone in the irregular reactive wave 2, At the bottom we saw the bullish reversal bar and the huge rapid pump is wave 3. This impulse was almost vertical, but Awesome Oscillator was not able to create the new high. Of course, wave 3 should not create the divergence with AO, but in rare cases it could be true.
In our case I think that BTC is going to form the double divergence between waves 1, 2 and 5. This is an extremely strong bearish sign. AO has almost printed the first decreasing bae, it means that bullish momentum is gone and bearish divergence is almost confirmed. Current candle will close tomorrow and I am going to watch out.
I pointed out the target zone for the wave 5. It's a little bit wide, but we can find the sign of reversal on the local time frame. I will update when it happens.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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