Bitcoin will PUMP more soon, but NOT that much as you think
Hello, everyone!
While
BTC continues it's fluctuations next to the 30k, a lot of traders have question if it's going to continue pumping without any significant correction to 40k+ or it's just a trap and dump is imminent in the upcoming week. Let's consider the currect price action to understand it.
📈Why the pump continuation is likely?
If we consider the growth from
25K to 
31K as the entire impulse it should consists of 5 Elliott waves. As I defined the appropriate time frame here is 2h because we need 100-140 bars to apply analysis. Awesome oscillator is showing us that wave 3 has been ended (likely), but we have not seen the zero line crossunder. It means that wave 4 has not been finihsed yet. At the same time the target area inside the 0.38-0.5 Fibonacci retracement levels has not been reached. The super strong support now is located at $29100 because of target area and the end of the lower degree wave 4(inside the wave 3). From this price I expect another one leg up in wave 5 to 32k.
📉Why bears can win this battle?
On the 4h time frame we have already seen two bearish reversal bars with the squat MFI state. All these bars were the sign of the waves 3 in 3 anf 5 in 3 finish. The wave 5 is imminent, but when we will see the third bearish reversal bar the situation is gonna be very dangerous. When the price will set the new higher high and Awesome oscillator prints divergence it's gonna be the bearish sign of incoming big corretion. That's why you should be very careful now.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
While
BTC continues it's fluctuations next to the 30k, a lot of traders have question if it's going to continue pumping without any significant correction to 40k+ or it's just a trap and dump is imminent in the upcoming week. Let's consider the currect price action to understand it.📈Why the pump continuation is likely?
If we consider the growth from
25K to 31K as the entire impulse it should consists of 5 Elliott waves. As I defined the appropriate time frame here is 2h because we need 100-140 bars to apply analysis. Awesome oscillator is showing us that wave 3 has been ended (likely), but we have not seen the zero line crossunder. It means that wave 4 has not been finihsed yet. At the same time the target area inside the 0.38-0.5 Fibonacci retracement levels has not been reached. The super strong support now is located at $29100 because of target area and the end of the lower degree wave 4(inside the wave 3). From this price I expect another one leg up in wave 5 to 32k.📉Why bears can win this battle?
On the 4h time frame we have already seen two bearish reversal bars with the squat MFI state. All these bars were the sign of the waves 3 in 3 anf 5 in 3 finish. The wave 5 is imminent, but when we will see the third bearish reversal bar the situation is gonna be very dangerous. When the price will set the new higher high and Awesome oscillator prints divergence it's gonna be the bearish sign of incoming big corretion. That's why you should be very careful now.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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