Short

Towards a sharp drop in Bitcoin ?

Bitcoin climbed from $15500 to $31500 on an impulsive cycle of 5 sub-waves, which could constitute wave I.

Since the top, there has been a consolidation that seems to correspond to a corrective cycle in ABC and which could eventually constitute a wave II.

Sub-wave B could soon come to an end, and sub-wave C could follow with a sharp decline.

The end of this wave II could be between $17500 and $18400 :

. This zone corresponds to the objective of the blue bearish diamond currently being formed.

. A possible triple top is forming, giving the same objective.

. If we reach C= 1.618xA, we reach the same objective.

. Finally, an overlap corresponding to wave II = 0.886 x wave II would be quite standard.

gamesoftroll

Also on:

gamesoftroll

Also on:

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.