- This is a quick update on Bitcoin’s short-term price action! Bitcoin is moving in 3 wave structures, which indicates a triangular formation that usually breaks in the direction of the main trend!
- I am bearish on BTC until we hit my price target of 24800, which is a significant swing high from June. The triangle suggests it as well.
- I expect a final impulsive wave to the downside before a pump back to 27,000. I think this break of the triangle will be only a fakeout to take liquidity, so make sure you take profits and do not stay in the short position for a long time!
- Now the question is, will we see another bounce from the ascending trendline of the symmetrical triangle? It’s really possible because, from the Elliott Wave perspective, triangles have 5-waves in them, as ABCDE. Now Bitcoin is in the D wave. But sometimes triangles are shorter, and we could go down sooner rather than later.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Overall, you probably know that I expect 21k to be hit later this year and potentially 15k next year, so do not buy any Bitcoins at the current price!
- Thank you, and for more ideas, hit “Like” and “Follow”!
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.