Will BTC correct to heavy support area of 6500 soon?
Updated
There are many indicators that are showing bearish for BTC!!!
Be careful, this is just too early for BTC to go past 10k...
1. Possible bear flag with head and shoulders, both correcting to almost same targets
2. Futures gap has not closed completely
3. BTC corrections are usually 30-40% after going up over 150%
4. ALTs, especially in USDT value, are having a little bull run right now, which is a hint that BTC will go up or down soon
5. Friday, which is tomorrow, is normally the day when BTC decides to do something big
6. Support level of 6200-6800 is just very heavy, BTC went past that area too easily during the bull run, it might retouch the heavy support level back when the bears decide to take control.
6200-6800 is the level to watch before buying BTC again!!
Note that:
Blue color is the possible bear flag
Red color is the possible head and shoulders
Be careful, this is just too early for BTC to go past 10k...
1. Possible bear flag with head and shoulders, both correcting to almost same targets
2. Futures gap has not closed completely
3. BTC corrections are usually 30-40% after going up over 150%
4. ALTs, especially in USDT value, are having a little bull run right now, which is a hint that BTC will go up or down soon
5. Friday, which is tomorrow, is normally the day when BTC decides to do something big
6. Support level of 6200-6800 is just very heavy, BTC went past that area too easily during the bull run, it might retouch the heavy support level back when the bears decide to take control.
6200-6800 is the level to watch before buying BTC again!!
Note that:
Blue color is the possible bear flag
Red color is the possible head and shoulders
Note
Pattern is invalid. However, i would still be cautious. The blow off top might come anytime from now.
When everyone starts getting bullish, that's when BTC will do the opposite.
Note
We have 2 futures gaps right now waiting to get filled. First target is 8500 - 9000
Second target is 7500 - 7200
In total, we have 180% chance that BTC will reach the first target since each future gap has 91% chance of getting filled.
Be careful guys... I would not be buying a crypto that has went up 200%.
Yes, it can go up more, but the risk is just too big.
Note
We have another gap waiting to be filled again. And based on Elliot Wave theory from tradingview.com/chart/BTCUSDT/pGGpFqM6-BTC-when-to-buy-when-to-Sell/, the ABC correction wave is not completed yet.
Worst case scenario is that we go back to 3000 - 3500 area.
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