Here we will share one simple analysis of basic market structure and price action. BTC has made an impulse down from $13.8k to $6.3k then made a corrective move to around $10.5k and then when it broke swing low it made another impusle down to $3.8k.
We are expecting the same scenario here, and we are very likely to see another impulse down as this rally is as of now just a corrective move + it is currently within a rising wedge pattern (seen bearish).
Target for next impulse is around $3.5k.
Only then if we start consolidating and making bullish reversal patterns I think we could see bull run happen. But if you think as a BIG market player, you would want to accumulate on lower price + delete retail investors from the market before the halving everybody is excited about.
We are expecting the same scenario here, and we are very likely to see another impulse down as this rally is as of now just a corrective move + it is currently within a rising wedge pattern (seen bearish).
Target for next impulse is around $3.5k.
Only then if we start consolidating and making bullish reversal patterns I think we could see bull run happen. But if you think as a BIG market player, you would want to accumulate on lower price + delete retail investors from the market before the halving everybody is excited about.
Note
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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.
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.