Bearish Bitcoin Analysis based on Elliott Wave Count, Fib Time zones and Fib Wedge tools.
The prediction is based on the fact that Bitcoin is still in ABC-Correction of greater degree and the last bottom hasn't been validated yet.
Imo, Wave-A of Grater ABC-Correction is finished and Wave-B is just formed. In more detail, this Wave-B is made up of corrective ABCDE-Triangle. Wave-A is already formed and Wave-B just started.
The goal is to test the last low or create a new one.
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The weakness of this analysis is the top line of channel due to the lack of proper touchpoints.
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The idea is valid until Bitcoin exceeds last high ($5488).
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This TA closed due to current price action. For new updates follow: