Downtrend is clearly resumed here. Many will say "lol it's impossible" (my drawing). Okay maybe, this is not prediction, this is one of possible scenarios, after denial downtrend reddotted line. For me BTC has started dynamical wave 5th in this correction from ATH. It's end in range 3000-5000 will not surprise me at all. Invalidating of the above scenario, after succesful attack on downtrend line - will not surprise me too.
How this bearish scenario can develop further - good example is XEMs case:
Note
Logarithmic chart:Note
Elliot waves:Note
Or other possibility EWs:Note
bearish engulfing weekly chart
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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.