- Bitcoin is appraoching an extremely strong resistance at around 30k. The chance of crash from this level is extremely high!
- We can see that the uptrend from 20k to almost 30k in March is steep and without any major corrections.
- From the Elliott Wave perspective I expect last fifth wave to the upside to complete an impulse wave. We can find a resistance at the major trendline that you can see on the chart, or you can call it a broadening wedge .
- If you open a short position slightly below 30k, then what is the profit target? 0.618 FIB and POC of the previous structure is at 23k . If you want to take profit earlier than 0.382 FIB at around 25k is the next option because it is also a strong horizontal resistance on the weekly chart.
- 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 post trade setups privately.
- If we take a look at the RSI indicator on the daily chart , we can be sure that after the final impulse wave the indicator will be oversold, so this is probably not the best time to buy/long at this point.
- In my opinion, a CRASH to 15k is probable later this year, maybe in September / October, so be prepared for it because this will be the best time for an investment position with a target of around 150k!
- I took a look at all major altcoins on major exchanges and I can tell you that 95% of them looks totally bearish on the highest timeframe, the bottom is definitely not in for them.
- This is my game plan for Bitcoin at this moment as I said I expect one last wave to the upside before a huge crash. I am not going to long or buy Bitcoin at this point after this pump because it’s of course dangerous and we have a lot of unfilled GAPs below the current price.
- https://www.tradingview.com/chart/BTCUSDT/kFeVgVg5-Bitcoin-No-one-talks-about-this-trendline-last-wave-up/
