BTC Tecnical Analysis
It is obvious that the prices of BTC have broken down. The real question is: Is this a retreat or an end?
I would rather do a review on this question.
This drop will not be the drop of the pattern I have shown below. Because the pattern seems to have completed its retraction.
If this is a harmonic pattern that pushes the measurement limits, its target will be at least 1.618. So 28K
But I don't think this is it. I wanted to write as a possibility.
In the indicator data, we see that the money flow is decreasing and the momentum is decreasing.
Volume candles are also on the rise. If we think that the volume candles will decrease in the next scenario, increase on the decline and decrease again, it can give us an idea. We cannot predict the future. I'm just commenting on the future.
Such a scenario would reveal a bearish rebound and shoulder head pattern. Although it is too early to say, btc has a known and believed to be 100K target. Already stock market orders confirm this. This is what comes to my mind as the only supporting pattern during the realization of this situation.
The different scenarios of the current data also show that this can happen.
Another scenario is Elliot waves. Every trend usually happens in harmony with elliot. So far, we do not see a correction of 0.618. (in daily measurements)
This gives us the idea that this drop could happen as a 0.618 retracement.
When we look at the supply zone, we see that this is the most likely model.
With the fractal and impulse waves in between, I think this is the most appropriate scenario for our 100K target.
However, in the above chart, where the 3rd wave is, it can be seen as the 1st wave and where the 4th wave is, it can be seen as the 2nd wave.
Maybe a bit of an emotional and optimistic point of view, but considering the size of the investors, it is not a remote possibility.
Note: This is not investment advice.
I would rather do a review on this question.
This drop will not be the drop of the pattern I have shown below. Because the pattern seems to have completed its retraction.
If this is a harmonic pattern that pushes the measurement limits, its target will be at least 1.618. So 28K
But I don't think this is it. I wanted to write as a possibility.
In the indicator data, we see that the money flow is decreasing and the momentum is decreasing.
Volume candles are also on the rise. If we think that the volume candles will decrease in the next scenario, increase on the decline and decrease again, it can give us an idea. We cannot predict the future. I'm just commenting on the future.
Such a scenario would reveal a bearish rebound and shoulder head pattern. Although it is too early to say, btc has a known and believed to be 100K target. Already stock market orders confirm this. This is what comes to my mind as the only supporting pattern during the realization of this situation.
The different scenarios of the current data also show that this can happen.
Another scenario is Elliot waves. Every trend usually happens in harmony with elliot. So far, we do not see a correction of 0.618. (in daily measurements)
This gives us the idea that this drop could happen as a 0.618 retracement.
When we look at the supply zone, we see that this is the most likely model.
With the fractal and impulse waves in between, I think this is the most appropriate scenario for our 100K target.
However, in the above chart, where the 3rd wave is, it can be seen as the 1st wave and where the 4th wave is, it can be seen as the 2nd wave.
Maybe a bit of an emotional and optimistic point of view, but considering the size of the investors, it is not a remote possibility.
Note: This is not investment advice.
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