No one is expecting this scenario on BTC! Bitcoin has been going down in past days; that was predicted very well in past ideas, but I think we will see more downside in the coming weeks. I have the best technical analysis on the internet, so I will tell you why Bitcoin is going to significantly drop!
First of all, let’s look at all the bearish signs we have on this chart. The first major sign of weakness is this red rising wedge pattern that is currently breaking down. Yes, the trendline of the wedge is breaking down, and we already had a retest, so there is nothing that can stop the price from falling pretty much. From the Elliott Wave perspective, an impulse wave 12345 that is also inside the wedge has been completed, and we are looking for an ABC corrective pattern.
The next very bearish sign is this rectangular red range that is very close to a breakdown. But I am giving you this analysis before it happens, so you can react accordingly. That’s another big sign of weakness. The next problem is seasonality. As you may know, September is statistically the worst-performing month for Bitcoin—usually Bitcoin falls in this period, so I don’t know what you, but I don’t want to be long on Bitcoin in this time period.
Where to buy Bitcoin again? To answer this question, we need to take the Fibonacci retracement tool and look for the 0.618 FIB, 0.382 FIB, or 0.5 FIB – always use only these 3 levels. I think we may see a deeper 0.618 FIB retracement here because we have a nice blue trendline near this level, so it would be nice to see this confluence.
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!
