Bitcoin correction not over yet? Fibonacci Retracement is KEY!
I've recently published an idea regarding a bearish scenario for Bitcoin, very similar to this one. Turns out it didn't work as expected. However, the analysis is still valid, but need some adjustments. These adjustments are shown on this new idea.
CRITICAL TIME FOR BITCOIN:
Bitcoin might be drawing an Elliott ABC corrective wave. Wave A is already complete and wave B *looks like* has just been finished as well right now.
>> Here's why:
According to Elliott wave's theory, during a corrective ABC wave, 'wave B' can go up to the maximum level of 0.786 on the Fibonacci retracement based on wave A. And that's EXACTLY what just happened!
We are at this very moment testing this level and a clear resistance here might be a great signal for a short setup. If bitcoin struggle to break this level, I'll keep you update about a cool short position.
Now, keep in mind we are facing huge money printing in the USA and that might very well affect Bitcoin price, as it is a getaway for inflation and an excellent investment for the long term. This could trigger the Bitcoin price to ignore this correction and let the bulls take us to new highs.
Always look at bulls AND bears and try to find the strongest one.
Trade safe.
CRITICAL TIME FOR BITCOIN:
Bitcoin might be drawing an Elliott ABC corrective wave. Wave A is already complete and wave B *looks like* has just been finished as well right now.
>> Here's why:
According to Elliott wave's theory, during a corrective ABC wave, 'wave B' can go up to the maximum level of 0.786 on the Fibonacci retracement based on wave A. And that's EXACTLY what just happened!
We are at this very moment testing this level and a clear resistance here might be a great signal for a short setup. If bitcoin struggle to break this level, I'll keep you update about a cool short position.
Now, keep in mind we are facing huge money printing in the USA and that might very well affect Bitcoin price, as it is a getaway for inflation and an excellent investment for the long term. This could trigger the Bitcoin price to ignore this correction and let the bulls take us to new highs.
Always look at bulls AND bears and try to find the strongest one.
Trade safe.
Comentarios:
Attention: Price is crossing the Fibonacci level. A confirmation here makes this idea invalid.
Comentarios:
Not looking good so far.
We have just closed a candle above the Fibo level. This pattern gets weaker now. A full 4h candle above the line and this idea gets cancelled.
We have just closed a candle above the Fibo level. This pattern gets weaker now. A full 4h candle above the line and this idea gets cancelled.
Operación cerrada manualmente:
Clear short-term bullish action. This pattern in not valid anymore.
The only last possibility of a bearish scenario is a rejection at the ATH. In this case, we could still have something close to this idea, but then this time, a flat ABC correction.
We'll see.
The only last possibility of a bearish scenario is a rejection at the ATH. In this case, we could still have something close to this idea, but then this time, a flat ABC correction.
We'll see.
