Looking at the Daily Chart, BTC/USDT looks like it finished wave B to the upside and is currently starting with wave C for new lows this year. Also, the price didn't manage to break above the Daily trendline which acted as a very strong rejection level 3 days ago when BTC/USDT went down 12k in one hour after retesting this trendline, thus we are still in the bearish zone as long as we are below this trendline.
Currently, I'm waiting for $42,000 to be tested again. Breaking $42,000 will push Bitcoin towards the $37,000 zone which is the beginning of the rising wedge (4H chart).
If the price manages to break $37,000, I expect to see a strong continuation to the downside towards retesting the previous wave (iv) around the $28,700 area. Since the previous wave 4 is known to be a very critical support level according to the Elliott Wave principle, breaking it will lead to freefall towards $22,000, $18,000, and even $10,000 causing a big change in trend to the downside.
If you are one of my investors, you know that we shorted BTC last week at $53,000 which ended up a beautiful trade hitting all of our TPs. Let's wait for another bearish continuation pattern to capitalize on another entry and short again Bitcoin towards lower levels this year. Good luck everyone!
Currently, I'm waiting for $42,000 to be tested again. Breaking $42,000 will push Bitcoin towards the $37,000 zone which is the beginning of the rising wedge (4H chart).
If the price manages to break $37,000, I expect to see a strong continuation to the downside towards retesting the previous wave (iv) around the $28,700 area. Since the previous wave 4 is known to be a very critical support level according to the Elliott Wave principle, breaking it will lead to freefall towards $22,000, $18,000, and even $10,000 causing a big change in trend to the downside.
If you are one of my investors, you know that we shorted BTC last week at $53,000 which ended up a beautiful trade hitting all of our TPs. Let's wait for another bearish continuation pattern to capitalize on another entry and short again Bitcoin towards lower levels this year. Good luck everyone!
