- The trend is clearly descending and there is absolutely no sign of a trend reversal at this moment. The bears are extremely strong and I don’t see any hope for a greater bullish price action.
- However, we can definitely experience a relief rally back to 21300 USDT and even break the trendline temporarily, where everyone can get caught like a deer in the headlight?
- On this daily chart , we can spot a descending triangle , and we can go sideways for another month and consolidate in this descending triangle . I would not be surprised at all if this happens.
- After the price breaks the triangle, I expect 12500 USDT as a potential reversal point. I think this crash will be very fast and will be followed by a huge bullish candle, so you want to set your limit orders to catch this upcoming flash crash.
- November and December can be very bullish months for Bitcoin , so you don’t want to miss it at all cost.
- The good news is that the stock market and gold are already crashing while Bitcoin is relatively strong, to my surprise.
- On the 4h chart, Ethereum also shows a sign of a temporary relief uptrend, as does XRP and other altcoins.
Bitcoin – Uptrend before a massive crash!
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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.