🔥 Bitcoin Following Elliot Wave Theory: FOMC Correction?
Updated
A couple of days ago I made an analysis where I discussed my idea of Bitcoin following an Elliot Wave Pattern. My third wave would find heavy resistance between $28,500 - $32,000, which we have now reached.
With the FED announcing the interest rates tomorrow, it's likely that we're going to experience some heavy volatility. If I were a bear, I'd be waiting for a bearish FED reaction inside the lower yellow box to start shorting heavily. So, be prepared for a bearish reaction after the FOMC meeting.
I don't think that we'll go below $25,500. This area has now flipped to a massive support after two failed breaks. Consequently, a small bearish move will be the 4th leg in the Elliot Wave Pattern.
Bitcoin narrative has seen a significant change over the last two weeks. Classical banks are falling, people lose ownership of their funds. Bitcoin fixes this, it's why it has been created. So, my view on the market will remain bullish for the near future.
Be careful tomorrow.
With the FED announcing the interest rates tomorrow, it's likely that we're going to experience some heavy volatility. If I were a bear, I'd be waiting for a bearish FED reaction inside the lower yellow box to start shorting heavily. So, be prepared for a bearish reaction after the FOMC meeting.
I don't think that we'll go below $25,500. This area has now flipped to a massive support after two failed breaks. Consequently, a small bearish move will be the 4th leg in the Elliot Wave Pattern.
Bitcoin narrative has seen a significant change over the last two weeks. Classical banks are falling, people lose ownership of their funds. Bitcoin fixes this, it's why it has been created. So, my view on the market will remain bullish for the near future.
Be careful tomorrow.
Comment
FOMC reaction is bearish at first sight. The "real" reaction might come tomorrow.In case we keep going down in the short-term; I'm looking at the $26,000 - $25,000 area for a potential bounce.
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