BitcoinShort
BTCUSD: Turned bullish? Probably a bit early...
Updated
Turning bullish seems a bit early before the price breaks 7400-7600 area and stabilizes above that area for a day or two.
EW structure clearly shows the importance of that zone.
Therefore, the downward movement isn't complete yet and most possible scenario is for the price to go lower to 5800-6200 area before bottoming out.
The alternative scenarios:
A) The price breaks 7400-7600 area and closes a day above that level to invalidate the current downward EW structure that is less likely.
B) Instead of going lower to 5800-6200 area, the price may stay in a ranged market for a week or so to accumulate and wait for FOMO and bullish volumes enough to break the downtrend.
What do you think?
EW structure clearly shows the importance of that zone.
Therefore, the downward movement isn't complete yet and most possible scenario is for the price to go lower to 5800-6200 area before bottoming out.
The alternative scenarios:
A) The price breaks 7400-7600 area and closes a day above that level to invalidate the current downward EW structure that is less likely.
B) Instead of going lower to 5800-6200 area, the price may stay in a ranged market for a week or so to accumulate and wait for FOMO and bullish volumes enough to break the downtrend.
What do you think?
Note
The bears have won! The fall continues with the main target identified at $6000 (at least).
The market dump is systematic, with even no need of FUD until the bears targets/goals are reached. And who knows what is their goal?
This time, I don't have an alternative scenario, as the EW structure clearly shows the development of wave #3 of 5 down.
In most optimistic scenario, the price will find the bottom around 5700-6000 area.
While it may continue falling to 4600 area, breaking down the 100bln asset class limit.
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