- Everyone is extremely right now and is saying the bottom is in. But I am still very sceptical. We are having a relief uptrend as predicted in my last analysis.
- The downtrend is really strong and there is absolutely no sign of a trend reversal at this moment!
- As you can see on the weekly chart, we have an incomplete pattern and clearly there is still a lot of price action missing.
- It looks like we are creating a trading range on the . Something like a symmetrical or .
- Regarding my analysis, I think we can create some kind of triangular formation before continuing lower.
- The question is, how much lower can we go? We have a gap at 12 500 USDT, which is a reasonable target and the one and only one support on this particular chart. We can use a from wave 3 to wave 4, but it’s still too early because we don’t know if wave 4 was completed or not.
- If the trading range is confirmed, then altcoins can moon during this phase and Bitcoin’s dominance should continue in the downtrend.
Bitcoin – You haven’t seen this before! New triangle + wedge
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.