BTC/USDT AnalysisFor analysis I will take the history of the previous impulse (from the 3.5k accumulation zone to 14k highs). The same 5-wave impulse according to Elliott. (impulse - correction - impulse - correction - impulse). The 4th wave took on a more complex shape in the form of a horizontal plane, and the 5th wave was an extended impulse, 161.8% of the third impulse. The impulse is complete, corrections do not go beyond the orthodox peaks. All rules are followed. There are quite a few interesting points on this chart:
After the parabolic growth, we returned to the normal growth trend. This is an excise.
Thought also confluenced with FOMEO as he shared in his recent VID.
Price analysis between 23 may low to 20 june overall structure shift.
June 3rd week shift a change in BTC price structure by breaking the sequence of LH and printing High at 41k* .
To keep valid this shift , price needs to hold 34630 (the low formed before Printing High)
Break below 34630 would put this new change in structure into weakness and considered as First invalidation level.
Further on, Only holding of 33.4K confluenced with 0.786 Fib will defend this structure to be have bullish
If this fail and price touch 31k level , i would wait for some more price development before considering any potential plan.
The fall from the peak was 36%. If we stretch the Fibo to this impulse (14k-9k), then the cue ball corrected this impulse to fall to 0.618 Fibo and realized the dragon (we came to the level of the head). (12.2k). Breaking through both the counter-trend and the 0.5 Fibo.
The situation with the removal of stops is also interesting. This is the same previous "cross of death". There was a monotonous fall, they put everyone in shorts, long and hard. I remember being manipulated in a glass. On the asks, they set up walls near the market price, psychologically encouraged the crowd to sell the asset, and bought them out from bids in small volumes. And in the 6-7k range there was a very powerful buyer's block, there were thousands of cue ball to buy. They were not allowed to purchase this block, despite the high-quality work done in the glass and in the news feed (death cross) in order to intimidate the crowd. As we can see on the chart, the momentum was 40% up for 2 days. Not a single stop, not a single deposit can withstand this. Therefore, shorting the cue ball is a thankless job. The long situation is also interesting. The price was stopped by the 0.618 correctional fib and the border of the main growth channel. Excellent entry point to long. But even here there was a place of manipulation, everyone who put stops for protrading was punished. They knocked out the stop, left it without coins and moved the price by 40% within 2 days.
We project onto the current situation and draw certain conclusions.
I also emphasize that this is a cryptocurrency market. This is an evil market, where there is no regulator, where constant psychological attacks on the consciousness / subconsciousness of an unprepared speculator, where volatility is high, where X's are possible, but their direction is questionable.
Therefore, there must be a specific plan of action.
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