Bitcoin - FOMC meeting can cause the crash today!
Hello, everyone!
BTC is staying at the same price level for several days. While altcoins demonstrated the huge crash, Bitcoin had only -3% reduction. It's quite boring because price is inside the downward sloping range for more than 2 months. This is the best time to be prepared for the huge movement in the nearest future.
In the middle of April 2023 BTCUSDT has finished it's mid-term uptrend. It was 5 waves impulse inside wave C inside global bear market wave 4. The bearish divergence with Awesome Oscillator confirms my assumption. For the current dump I consider the Elliott waves marking introduced on the price chart. First dump was an impulsive one and after that BTC has printed the ugly reactive wave 2.
Now price is inside the wave 3 on any degree. If we assume that waves 1 and 2 are defined we can measure the targets for the wave 3. I don't wanna even consider the minimal target at 1 Fibonacci extension because price has already reached it and if it's the wave's 3 end it doesn't like an impulsive wave. Therefore I expect the dump continuation to at least $23600. Normal wave 3 target is located right there at 1.61 Fibonacci extension. We can also notice that local liquidity pool is also here, which is logically to be filled.
The most sweet target is located at $19500, Fibonacci 2.61. This is the extended wave 3 target. I don't believe in it's reaching in the nearest future, but we should keep it in mind because a lot of stop losses below the previos wave 4 bottom.
Best regards, Ivan
_____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
BTC is staying at the same price level for several days. While altcoins demonstrated the huge crash, Bitcoin had only -3% reduction. It's quite boring because price is inside the downward sloping range for more than 2 months. This is the best time to be prepared for the huge movement in the nearest future. In the middle of April 2023 BTCUSDT has finished it's mid-term uptrend. It was 5 waves impulse inside wave C inside global bear market wave 4. The bearish divergence with Awesome Oscillator confirms my assumption. For the current dump I consider the Elliott waves marking introduced on the price chart. First dump was an impulsive one and after that BTC has printed the ugly reactive wave 2.
Now price is inside the wave 3 on any degree. If we assume that waves 1 and 2 are defined we can measure the targets for the wave 3. I don't wanna even consider the minimal target at 1 Fibonacci extension because price has already reached it and if it's the wave's 3 end it doesn't like an impulsive wave. Therefore I expect the dump continuation to at least $23600. Normal wave 3 target is located right there at 1.61 Fibonacci extension. We can also notice that local liquidity pool is also here, which is logically to be filled.
The most sweet target is located at $19500, Fibonacci 2.61. This is the extended wave 3 target. I don't believe in it's reaching in the nearest future, but we should keep it in mind because a lot of stop losses below the previos wave 4 bottom.
Best regards, Ivan
_____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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