Bitcoin - Last chance for the bulls or 10k! (important range)
- This is the last chance for the bulls to hold this very key range; otherwise, it will be devastating for the price of Bitcoin.
- If this range fails, it will trigger a 3rd impulse wave, which is usually an incredible flash crash. You want to be in USDT if this happens. I am already prepared for it, so I am good.
- From the Elliott Wave perspective, we have a strong bearish setup, and usually what you want to do is catch the third wave and short Bitcoin, of course, on the futures market. Third waves provide the best risk-to-reward ratio and are also the most time-efficient because you will close your position pretty quickly.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- Could Bitcoin still pump to 32K? Of course it could, but the chances are lowering, and you don't want to speculate on it at all because speculating on 5th waves involves a lot of risk, such as a truncated 5th wave, a swing failure pattern, or it can completely fail and turn into an ABC wave.
- If this range fails, the next stop is 25K and then 20K. I shared with you my levels and where Bitcoin could bounce off them, so make sure you check out my previous idea in the related section down below! You want to use these important levels.
- The true bull market will start in January 2024, as per my calculations.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Related publications
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.