Bitcoin / Tether USDShort
Bitcoin: What's next?
Remember when everyone was saying BTC to $100,000, I was the only one who sent a short opportunity at $67,000, yet turned out to be a brilliant trade.
Looking at BTC/USD (weekly chart), we can see that BTC broke a very critical weekly trendline, retested it, and now it's looking like it is continuing its way down for more downside. From a price action perspective, when the ascending channel was broken, our target was the beginning of the channel at around $31,000 which is known to be a very CRITICAL ZONE for BITCOIN and still hasn't reached it.
Additionally, using the Elliott Wave Principle, we can spot that the $31,000 zone is also the big previous wave 4 and also the previous wave iv of wave 3, thus as I said before, $30,000-$32,000 is what I am personally waiting for, although getting below the weekly diagonal trendline is very dangerous and considered a bearish territory.
If the price manages to break below this critical zone, this could be the endgame for BTC and the price may continue plummeting towards $20,000, $12,000, and even below $9,000!
But for now, let's wait for $30,000. Definitely no buying opportunities now.
Looking at BTC/USD (weekly chart), we can see that BTC broke a very critical weekly trendline, retested it, and now it's looking like it is continuing its way down for more downside. From a price action perspective, when the ascending channel was broken, our target was the beginning of the channel at around $31,000 which is known to be a very CRITICAL ZONE for BITCOIN and still hasn't reached it.
Additionally, using the Elliott Wave Principle, we can spot that the $31,000 zone is also the big previous wave 4 and also the previous wave iv of wave 3, thus as I said before, $30,000-$32,000 is what I am personally waiting for, although getting below the weekly diagonal trendline is very dangerous and considered a bearish territory.
If the price manages to break below this critical zone, this could be the endgame for BTC and the price may continue plummeting towards $20,000, $12,000, and even below $9,000!
But for now, let's wait for $30,000. Definitely no buying opportunities now.
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