BTC followed Elliot Wave TA & Fundamental FUD downward perfectly
A few weeks back I published a similar chart where we were just coming out of the (A) correction phase wave. Price action trended upward and hit the mean of the linear regression channel. Subsequently, price followed downward and broke through the 200ema, through the long withstanding 21W EMA, and tried to bounce off the 61.8 Fibonacci and ultimately bottomed hard at a psychological whole number of 30,000. This, coinciding with a barrage of negative news flow made for the ultimate downward spiral. Funny when TA and FA comes together to make a perfectly clear picture. I suppose you could also use some on-chain analytics to go w/ the analysis as well.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.