Hi,
Bitcoin's sideways grind is meant to lull traders to sleep. There are some bearish patterns bubbling inside this range that points prices towards the low 8000's.
We have a completed 5-3 pattern where a bearish impulse wave (the five) is followed by a complex correction higher (the three). This 5-3 pattern began on June 22 and completed on July 8. This implies bitcoin prices are ripe to turn lower from near current levels.
Technical support and wave relationships begin to appear near 8400 and 8235 with even lower levels in play. The risk to reward ratio is strong from this levels in that if prices increase above 9500, then there is another pattern at play.
Good luck!
Bitcoin's sideways grind is meant to lull traders to sleep. There are some bearish patterns bubbling inside this range that points prices towards the low 8000's.
We have a completed 5-3 pattern where a bearish impulse wave (the five) is followed by a complex correction higher (the three). This 5-3 pattern began on June 22 and completed on July 8. This implies bitcoin prices are ripe to turn lower from near current levels.
Technical support and wave relationships begin to appear near 8400 and 8235 with even lower levels in play. The risk to reward ratio is strong from this levels in that if prices increase above 9500, then there is another pattern at play.
Good luck!
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
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.