BitcoinShort
BTCUSD considerations
Looking at Bitcoin from a market structure perspective, it seems as though we are currently witnessing a bearish cycle which could see us test the $55,000 price.
In the near to medium term, there is a case for:
nonetheless, longterm this looks like it has more downside, so I would be keen to see how this develops.
In the near to medium term, there is a case for:
- a bearish (5)-wave cycle, which would suggest that we may have posted a 4th wave correction and could begin to trade lower as we build the 5th wave decline.
- Alternatively, we have a completed (ABCDE), which would suggest that we will see more upside (as illustrated by the black wave-count for example).
nonetheless, longterm this looks like it has more downside, so I would be keen to see how this develops.
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