Bitcoin is ready for a 15% crash! (to 58k)
Updated
Bitcoin may look pretty bullish, but do not get distracted. The price is forming a bearish distribution pattern inside a bearish parallel channel, as you can see on the chart. Right now, the odds are in favor of another crash. I am not saying this only because of the price action, but also because of the Elliott wave theory: as per my wave count, I am expecting bitcoin to finish wave (C) with a 1:1 Fibonacci extension level. Also look at previous waves, and waves (B) at this point look like an ABC bearish pattern.
Why is 58K important? We have a major swing low from March 5, 2024, and clearly there is a lot of liquidity and orders from retail traders. The whales need to consistently go for strong liquidity levels, as that's their only chance to buy bitcoin with a large amount of money. What they want to do is buy as much Bitcoin as liquidity allows and then send the price to the moon.
Right now, I really cannot be bullish on Bitcoin, but let me know your opinion in the comment section! I will be very glad. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Why is 58K important? We have a major swing low from March 5, 2024, and clearly there is a lot of liquidity and orders from retail traders. The whales need to consistently go for strong liquidity levels, as that's their only chance to buy bitcoin with a large amount of money. What they want to do is buy as much Bitcoin as liquidity allows and then send the price to the moon.
Right now, I really cannot be bullish on Bitcoin, but let me know your opinion in the comment section! I will be very glad. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Note
Range on the 1h chart, trade a breakout/breakdown.Note
The range is breaking down! Short-term bear market confirmed.Note
The crash is real, buy cheap bitcoin! 58k seems to be a reasonable level to buy it-Note
The major trendline on the Daily chart is breaking down as well! Expect more downside.Note
My Elliott Wave count:Note
Huge wave (4) is in progress, but after that expect a continuation and pump above 80k!Note
Retest of the distribution phase, good to enter a short position if you haven't already.Note
Note
This is the last update on this post. Now, new updates will be in my new post:
Note
The symmetrical triangle is valid, the price is inside this tightening range.Note
The price of Bitcoin just hit the trendline of the parallel channel:Note
The triangle can be redrawn if needed.Note
Bitcoin crashed, most people in the comment section are in disbelief now.Note
LAST UPDATE: MY NEW ANALYSIS: 
💡Join VIP Trading Group (signals, my trades)
xanrox.org/vip
🟠1-MONTH: 49 USD
🟣3-MONTH: 99 USD
🟢1-YEAR: 199 USD
🟡LIFE-TIME: 299 USD
💡My Telegram
t.me/Xanrox
💡Best exchange: ✅NO KYC✅ALL countries
t.ly/emHgw
xanrox.org/vip
🟠1-MONTH: 49 USD
🟣3-MONTH: 99 USD
🟢1-YEAR: 199 USD
🟡LIFE-TIME: 299 USD
💡My Telegram
t.me/Xanrox
💡Best exchange: ✅NO KYC✅ALL countries
t.ly/emHgw
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.