I'm going to keep this brief. I've been one of many traders calling yelling at the top of the soap box that were are currently in a correction
and that the recent move up above 40k was a classic bear trap. I have many reasons as to why we will see at least 36k. To keep it brief
not only did I confirm with Elliot waves, but all technical indicators point toward a further downward move from where we are now. According to Elliot wave were are headed for a five wave
move to the downside. The last leg can end at the .618, 1, or 1.618. The last wave, wave 5 ends at 1, which aligns with the price range of 35-36k. The 1.1618 aligns with
the price range of 30-31k. There is a possibility that we visit 30k, but I'm more confident of wave 5 ending around 35-36k before we rally back upward. The last line of defense for the bulls
is exactly 39k. We will most likely breach that range soon and should see 35-36k in no time. Also, Check out bitfinex. Look at how many longs have been piled up since jan.27th.
The bears are letting longs pile up, and will look to drop the price to liquidate them, huge rug pull.
My fellow Trader Mr.X on twitter pointed this out, I give him all the credit...because I didn't notice it.
All signs point to a downward move. Plan according, remember this is a great opportunity to buy your alts cheap!
and that the recent move up above 40k was a classic bear trap. I have many reasons as to why we will see at least 36k. To keep it brief
not only did I confirm with Elliot waves, but all technical indicators point toward a further downward move from where we are now. According to Elliot wave were are headed for a five wave
move to the downside. The last leg can end at the .618, 1, or 1.618. The last wave, wave 5 ends at 1, which aligns with the price range of 35-36k. The 1.1618 aligns with
the price range of 30-31k. There is a possibility that we visit 30k, but I'm more confident of wave 5 ending around 35-36k before we rally back upward. The last line of defense for the bulls
is exactly 39k. We will most likely breach that range soon and should see 35-36k in no time. Also, Check out bitfinex. Look at how many longs have been piled up since jan.27th.
The bears are letting longs pile up, and will look to drop the price to liquidate them, huge rug pull.
My fellow Trader Mr.X on twitter pointed this out, I give him all the credit...because I didn't notice it.
All signs point to a downward move. Plan according, remember this is a great opportunity to buy your alts cheap!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.