BITCOIN (#BTC): Fall, Fall, Fall ... to $7000
In general, As you can see we have an Elliott Wave Cycle 1-5 there. At this moment we are on the last Wave V. This wave aim to reach price around $6000 or lower.
If you look in more detail, so you can see a flat irregular ABC-correction below 61,8% retrace. But this correction is not enough for significant BTC upward growth.
BTC is an bearish pennant pattern and i expect, that this pattern reflect BTC below. Also, we got few attempts to breakout S/RL at $8100. But BTC didn’t manage it.
Another reason why I most likely will continue downtrend is due to the HIDDEN BEARISH DIVERGENCE. As you can see, the price is making lower highs, while the RSI is making higher highs. That is called Hidden Bearish Divergence and it means we will continue our downtrend.
What we can expect to happen now? We can epxect to see a bounce out from the Bearish Pennant sooner or later. My guess is, that we probably can expect drop at $7700 - $7500, where short-term uptrend support is located. If fails, next level is aprox. $7000.
Pay attention to the Volume profile. Volume is very low.
If you look in more detail, so you can see a flat irregular ABC-correction below 61,8% retrace. But this correction is not enough for significant BTC upward growth.
BTC is an bearish pennant pattern and i expect, that this pattern reflect BTC below. Also, we got few attempts to breakout S/RL at $8100. But BTC didn’t manage it.
Another reason why I most likely will continue downtrend is due to the HIDDEN BEARISH DIVERGENCE. As you can see, the price is making lower highs, while the RSI is making higher highs. That is called Hidden Bearish Divergence and it means we will continue our downtrend.
What we can expect to happen now? We can epxect to see a bounce out from the Bearish Pennant sooner or later. My guess is, that we probably can expect drop at $7700 - $7500, where short-term uptrend support is located. If fails, next level is aprox. $7000.
Pay attention to the Volume profile. Volume is very low.
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As was predicted yesterday btc is going down. Next S/RL at $6900/$6600/$6000
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