I hope you sold in May and went away, as I recommended in my previous posts! If not, you probably wonder why Bitcoin is going down.
From a technical point of view, Bitcoin is breaking down out of the ascending parallel channel of the main uptrend from 74k to 112k. This is huge! Altcoins are already bleeding hard, and Bitcoin will go to 97,665 in the immediate short term. Why is this level so important? First of all, it’s the 0.382 FIB level of the previous uptrend, and there is also an unfilled FVG (Fair Value Gap). This is a great level to buy Bitcoin for the next major wave to the upside.
The next strong level would be the 0.618 FIB and FVG2. These 2 Fibonacci levels are the strongest of all of them because of the golden ratio pattern and 0.618 + 0.382 = 1.000.
What we can also see on the chart is a symmetrical triangle inside this ascending channel. Usually the price wants to take liquidity above and below triangles, so be careful. There is an extremely high chance of sweeping liquidity below this symmetrical triangle. From the Elliott Wave perspective, we have finished the impulse wave 12345, and we are starting a huge ABC corrective pattern. Usually we want to look for a buying opportunity at the 0.382, 0.500, or 0.618 FIB levels.
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
