BTC 35% ~ 40% Dump Comming soon
Bitcoin is currently still inside a circular Fibonacci pattern, undergoing a downward trend. Exiting this pattern may require more time. On the other hand, the Relative Strength Index (RSI) has reached a value of 70 on the weekly timeframe, which is the same level it reached the last time when Bitcoin's price was at $68,000. Additionally, we observe two bearish divergences on the daily timeframe.
Considering the Elliott Wave theory, we are currently at the end of corrective Wave B. Drawing a Fibonacci trend-based extension places the next target for Bitcoin around $7,000 to $8,000, which aligns with the end of the circular Fibonacci pattern
Considering the Elliott Wave theory, we are currently at the end of corrective Wave B. Drawing a Fibonacci trend-based extension places the next target for Bitcoin around $7,000 to $8,000, which aligns with the end of the circular Fibonacci pattern
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.