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.
Comment
Range on the 1h chart, trade a breakout/breakdown.Comment
The range is breaking down! Short-term bear market confirmed.Comment
The crash is real, buy cheap bitcoin! 58k seems to be a reasonable level to buy it-Comment
The major trendline on the Daily chart is breaking down as well! Expect more downside.Comment
My Elliott Wave count:Comment
Huge wave (4) is in progress, but after that expect a continuation and pump above 80k!Comment
Retest of the distribution phase, good to enter a short position if you haven't already.Comment
Comment
This is the last update on this post. Now, new updates will be in my new post:
Comment
The symmetrical triangle is valid, the price is inside this tightening range.Comment
The price of Bitcoin just hit the trendline of the parallel channel:Comment
The triangle can be redrawn if needed.Comment
Bitcoin crashed, most people in the comment section are in disbelief now.Comment
LAST UPDATE: MY NEW ANALYSIS: 
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