- Sorry for the first post with a really bad view on my chart.
BTC has not shown much strength lately and made a bearish engulfing pattern on the weekly, which is currently confirmed this week with a continuous down trend. The price is sitting around an old support from august 2018, but I don't expect it to hold and with a break it will probably only intense the downtrend. I see 2 outcomes atm shown on the chart
Both of which are based on my thoughts about this being a 2nd wave (correction) in the elliott theory.
BTC has not shown much strength lately and made a bearish engulfing pattern on the weekly, which is currently confirmed this week with a continuous down trend. The price is sitting around an old support from august 2018, but I don't expect it to hold and with a break it will probably only intense the downtrend. I see 2 outcomes atm shown on the chart
Both of which are based on my thoughts about this being a 2nd wave (correction) in the elliott theory.
Note
The price hit the top of the target zone in the 1st box and the top the purple line near 10.000. I'm expecting it to turn around and hit my 2nd or 3rd box before moving up.
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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.