Experimenting with different support zone boxes.
I see two possible scenarios for Bitcoin at the moment.
BTC seemed to just finish a falling wedge formation which could be bullish.
However, we could very well be in a downtrend and this is the completion of the second Elliot wave. I'm also seeing lower highs in the On Balance Volume.
If we're in the downtrend I don't see a 5 point Elliot wave occurring. Instead, I predict an ABC formation which will hit a support zone around 9-9.3k again.
Overall I'm bearish.
I see two possible scenarios for Bitcoin at the moment.
BTC seemed to just finish a falling wedge formation which could be bullish.
However, we could very well be in a downtrend and this is the completion of the second Elliot wave. I'm also seeing lower highs in the On Balance Volume.
If we're in the downtrend I don't see a 5 point Elliot wave occurring. Instead, I predict an ABC formation which will hit a support zone around 9-9.3k again.
Overall I'm bearish.
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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.