Anything can happen in this world of crypto but while we panic and sell everything institutions are buying the dips. At the moment price is consolidating above a key demand/ support level. This could be a sign of buyers coming back in the market or sellers re adjusting. One thing I am sure of is that something big always happens after a consolidation. This is when the market is deciding which direction to go. Think of it like a cross road. See chart for potential trade to go long here. If this fails the next level is roundabout 12500. The lower the better the buying opportunity. So what is happening here then? I am linking Elliott Wave with the Gann Square chart. A perfect wave should be near, either side of the 45 degree line.You will see that BTC moved too quickly and missed the 45 and then corrected before making one more attempted to complete a cycle. We could now be seeing a potential completion of a major ABC correction. Let's see how it pans out. We might see a proper bounce from 19500.
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so far so good. Could see 18700 taken out and then swift recovery like a stop hunt and then break above 19600.
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Lord MEDZ