A bearish dragon pattern is detected that could, in this case, develop into a bullish anti-butterfly.
The theoretically expected target is Fib .786 (approx. 22.9k), but the trendline would interfere with this process. So the modified immediate target is Fib. 65 (approx. 23.9k).
However, if BTC makes such a new low on the daily timeframe, Elliott-wise 5 wave reading is possible. It means after a rebound, a further downside is expectable.
My automated script has already suggested a green box as the target, the bottom of which is approx.14.8k. Although my view is still more bearish, such a decline will form a Navaro 200-harmonic pattern that has reasonable double-bottoms.
The theoretically expected target is Fib .786 (approx. 22.9k), but the trendline would interfere with this process. So the modified immediate target is Fib. 65 (approx. 23.9k).
However, if BTC makes such a new low on the daily timeframe, Elliott-wise 5 wave reading is possible. It means after a rebound, a further downside is expectable.
My automated script has already suggested a green box as the target, the bottom of which is approx.14.8k. Although my view is still more bearish, such a decline will form a Navaro 200-harmonic pattern that has reasonable double-bottoms.
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We are in the right-descending channel while caught by the pennant therein.
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This rebound was as expected. For STF analysis for this bullish development, see the related article:
