BTCUSDT: Bear Elliot Wave Scenario Update - Descending Triangle
The scenario of the bear Elliot Wave ideas I published a few weeks ago are becoming more and more convincing. Now the symmetric triangle until yesterday became a descending triangle earlier today. Currently we are at the edge of falling below this descending triangle, today there was a fake break below followed by an immediate pullback to the support line, and if we can stay above the support and eventually break above the resistance line that was formed by lower highs to retest 200EMA, then the situation will look a bit more bullish.
I'm seeing more gurus on TradingView are now leaning towards bearish scenario or at least willing to consider the bear scenario, unlike a few weeks ago everyone was calling for all-time-high again when the price was around $40,000. If we break below the support line of this triangle, then it's very likely this is going to get pretty ugly. And if we have a "slow bleeding" situation when the price approaches $30,000 low just like how we broke below the 200EMA a few weeks ago instead of a sharp falling knife for bulls to catch, then the possibility of the price stays above $30,000 becomes dubious. Overall, how many times can a support hold?
Is it possible we break above the descending triangle and retest the 200EMA again? Yes. Is it possible we form a double bottom at $30,000 and have a reversal? Yes. But the longer we don't break above this triangle and the longer we stay below 200EMA, the bulls are getting weaker and weaker. Unless, if some news comes out to back BTC and rebuild the confidence again, then maybe we will reevaluate the situation again completely.
I'm seeing more gurus on TradingView are now leaning towards bearish scenario or at least willing to consider the bear scenario, unlike a few weeks ago everyone was calling for all-time-high again when the price was around $40,000. If we break below the support line of this triangle, then it's very likely this is going to get pretty ugly. And if we have a "slow bleeding" situation when the price approaches $30,000 low just like how we broke below the 200EMA a few weeks ago instead of a sharp falling knife for bulls to catch, then the possibility of the price stays above $30,000 becomes dubious. Overall, how many times can a support hold?
Is it possible we break above the descending triangle and retest the 200EMA again? Yes. Is it possible we form a double bottom at $30,000 and have a reversal? Yes. But the longer we don't break above this triangle and the longer we stay below 200EMA, the bulls are getting weaker and weaker. Unless, if some news comes out to back BTC and rebuild the confidence again, then maybe we will reevaluate the situation again completely.
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