BTC - silence or storm?Hi Guys!
We are back with the new view and new charts.
It is not a secret we are in a corrective downtrend. How deep can we fall?
There is more than one answer.
First of all we have a super big support at 6000$. We call it profitability level below which, miners simply don’t earn money. We won’t go below that level. We vastly described why in our previous analysis. You will find it down below.
Moreover we have long term support which is currently at around 6900$ level. We shouldn’t go below that.
So what has to happen to break the correction tunnel?
First of all we have to break 1st target which is at 7700$ level . It would mean we are out of the B tunnel – goooooood. OK but what next?
We are still in A downtrend.
Once it is broken we have a chance to move forward breaking our 2nd point/level which will be at around 8100$ . Once broken for good we are more likely to follow the pattern 1-5 of Elliot’s Wave.
8100$ is also breaking point of the longterm trend. Look at the chart below the analysis.
According to the Weis Waves there is significantly lower volume on both sides – supply and demand.
It looks like stabilization.
Remember after such a massive drop there will be fast recovery. Look at the historical peaks and bottoms.
So guys keep observing BTC and of course our profile.
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HUGS!
WBM Team
