In this study I point out a few of the artifacts in the BTC chart that provide a view of the structural weakness in Bitcoin while hinting at a target end of the bear market. The major elements are:
- A broken uptrend today of the recent rising channel (pink) at the same time as the larger declining channel (black) intersects its support line, demonstrating its dominance, following a bearish inside bar that projects price weakness.
- A confluence of intersections occurring most interestingly at $12k between December 22 and 23, with 2x of the previously described declining channel (solid blue) with the 0.618 support line of the primary Bear Market declining channel (dotted blue), with the 1x projection of the primary C-wave projection (1x the A-wave) and a line of untested support from the end of August 2020.
- The RSI is testing its upward trendline and the MACD is rolling over. (Notably, on every occurrence when both of these have crossed bearish, the market has had a precipitous decline.)
- Meanwhile, my Elliott Wave count projects that we are in the final minor leg of the last intermediate downward impulse within the C-wave of the primary ABC correction defining the Bear Market.
