[10/13] Beast Trading _ Today's Bitcoin Analysis Beast Trading _ Today's Bitcoin Analysis
Bitcoin analysis.
Today, I'm going to talk about the future direction in Elliott Wave Analysis.
Bitcoin is moving up and down in a very large box from a big perspective, so it is very difficult to analyze, so I think the response is very important.
First, I set the start of the wave at the high point of 20470.
The green wave is the main wave I think the impulse pulsation was carried out from 204 to 188
It seems to fit well with the wedge-shaped leading diamond formed in the estimated 3-1 wave, the strong trading volume at 3-3 waves, and the running triangle convergence at 4 waves.
In general, this is where the short-term rebound comes from. (ABC)
(If it is short-term, it is likely to be up to 19480)
But, although it's kind of rebounded to some extent with the last low update, it's moving back and forth from the low point to the top and the bottom again, drawing a convergent form.
The convergence form is a pattern that usually appears in four waves, so there may be one more wave drop left.
Also, there's a five-wave extension, which means that the five waves appear unusually long and form strong waves, which in this picture means that suddenly a sharp drop occurs.
Therefore, we should continue to doubt the decline, and we recommend short position-oriented responses rather than taking long positions for a short-term rebound, and if it comes up, it would be better to take a short position.
+ There is a CPI announcement today.
The NASDAQ (U.S.) market is likely to take it very sensitively because the economic situation is not good.
There was a ppi (Producer Consumption Index) announcement yesterday, but the volatility was not as high as I thought yesterday.
Everyone is paying attention to the cpi today, so make sure to adjust the weight/scale, organize your positions before the announcement, and then look at the situation and enter the position as a chase
