- Bitcoin is moving in this huge parallel channel no one talks about, and the price is respecting it pretty well, including the middle trendline!
- The current price of Bitcoin is around 25900 USD, which is very near its bottom in November 2022 at 16000 USDT. I expect this low to be followed by a huge crash, so make sure you are prepared for it. Bitcoin has been very weak compared to other assets this year.
- In September, I expect Bitcoin to reach the strong horizontal line at 24820 and potentially take liquidity below it. There are a lot of stop-loss orders from traders, which is a magnet for whales.
- 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.
- 1 week ago, we had a huge red dildo with a 14% decline. To me, this is an indication that the third wave is in progress in my Elliott Wave count. Wave 5 should go below wave 3 exactly as I have drawn it on the chart! But do not expect any big crashes in the short term. A swing failure pattern (SFP) is something that has a higher probability. Basically, you can buy/long the fifth wave.
- This is my current plan for Bitcoin for the next 30 days. Of course, this is my main scenario, but I also have an alternate scenario, which I may post next time, but we will see!
- Let me know in the comment section if you are shorting Bitcoin, but I recommend placing a buy order around 24800 for a quick bounce back to 26800!
- Thank you, and for more ideas, hit “Like” and “Follow”!
Bitcoin – Plan for the next 30 days! (This is going to happen)
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.