Bitcoin - Be aware of the final dump! (triangle)
- This is a quick update on Bitcoin's short-term price action! Bitcoin is moving in 3 wave structures, which indicates a triangular formation that usually breaks in the direction of the main trend!
- I am bearish on BTC until we hit my price target of 24800, which is a significant swing high from June. The triangle suggests it as well.
- I expect a final impulsive wave to the downside before a pump back to 27,000. I think this break of the triangle will be only a fakeout to take liquidity, so make sure you take profits and do not stay in the short position for a long time!
- Now the question is, will we see another bounce from the ascending trendline of the symmetrical triangle? It's really possible because, from the Elliott Wave perspective, triangles have 5-waves in them, as ABCDE. Now Bitcoin is in the D wave. But sometimes triangles are shorter, and we could go down sooner rather than later.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Overall, you probably know that I expect 21k to be hit later this year and potentially 15k next year, so do not buy any Bitcoins at the current price!
- Thank you, and for more ideas, hit "Like" and "Follow"!
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Wave (D) or last wave (5) is still in progress. Expect a crash soon!
