Bitcoin - I don't trust this pump (HERE IS WHY)
Hello, my dear friends!
I hope you enjoy my yesterday's ultimate analysis and now you have understanding what is going to happen next half of 2023 in my opinion. Now it's time to go back to short term analytics because most of you are interested in local swings.
Let's take a look at the
BTCUSDT price chart. Dump which we saw couple of days ago on the SEC FUD has been recovered with the same green candle. On the first glimpse this pump a little bit confused me, I could not understood what is happening, but today when the pump continuation has failed I made the new Elliott waves marking.
So, I made an assumption that dump from $28500 to $25200 was only the wave 1 inside wave 3. The rapid pump has reached the 0.61 Fibonacci retracement and got a rejection. Now I suppose that Bitcoin price can turn back to $26800 and continue it's dump in the most impulsive wave 3. I think the bad news ahead. In my opinion it's not gonna be the SEC FUD, but the FOMC and US economy potential FUD. As I told you yesterday S&P500 is approaching the level from where I expect the huge dump. This dump of course will affect BTC and other crypto.
Anyway I don't use the news in my trading routine, it's just noise. Wave 3 has two clear targets. The minimal one remains the same equals $24300 - 1 Fibonacci extension. The most likely target is 1.61 Fibonacci extension, approximately at $22400. Let's go, Bitcoin!
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
I hope you enjoy my yesterday's ultimate analysis and now you have understanding what is going to happen next half of 2023 in my opinion. Now it's time to go back to short term analytics because most of you are interested in local swings.
Let's take a look at the
BTCUSDT price chart. Dump which we saw couple of days ago on the SEC FUD has been recovered with the same green candle. On the first glimpse this pump a little bit confused me, I could not understood what is happening, but today when the pump continuation has failed I made the new Elliott waves marking.So, I made an assumption that dump from $28500 to $25200 was only the wave 1 inside wave 3. The rapid pump has reached the 0.61 Fibonacci retracement and got a rejection. Now I suppose that Bitcoin price can turn back to $26800 and continue it's dump in the most impulsive wave 3. I think the bad news ahead. In my opinion it's not gonna be the SEC FUD, but the FOMC and US economy potential FUD. As I told you yesterday S&P500 is approaching the level from where I expect the huge dump. This dump of course will affect BTC and other crypto.
Anyway I don't use the news in my trading routine, it's just noise. Wave 3 has two clear targets. The minimal one remains the same equals $24300 - 1 Fibonacci extension. The most likely target is 1.61 Fibonacci extension, approximately at $22400. Let's go, Bitcoin!
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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