Let me first take a look at the situation of Bitcoin.
Currently, the situation of Bitcoin is not very good.
These days, it has been continuing to decline, based on 124,400.
Unfortunately, I expect there will be a little more decline this time as well.
The first is the double top.
If you check around 111,760, you can see that a double top has formed.
Accordingly, we can expect a downward trend, and since the bottom trigger in between has also broken downward, I believe this has been clearly confirmed.
The second is that the arbitrary wave M wave is forming a length ratio of 1.618 of the N wave.
This part could be carefully counted by attaching names according to Elliott Wave theory, but as those who have been reading my articles for a long time would know, I consciously do not count waves in detail.
I judge that focusing only on the length ratio is better.
The third is the downward break of the trendline.
The trendline refers to the trendline that can be found when connecting 108,400 and 110,240.
Since this trendline has been broken downward, I think Bitcoin could see a short-term decline.
Lastly, although it is not certain so it is a bit ambiguous to say, the movement that has been forming since August 29 at 21:30 could be seen as a Shark pattern.
This part is somewhat ambiguous to define as a harmonic because the range is formed ambiguously, but I thought it would be better to write it down, so I am informing you.
By comprehensively judging the above matters, I estimated the final TP to be around 107,778.
All the grounds in this article have been carefully drawn on the chart, so I think there will be no significant difficulty in reading.
I will continue to track this idea, and as the movement develops, I will deliver additional information to you through updates of this idea.
Thank you for reading.
Currently, the situation of Bitcoin is not very good.
These days, it has been continuing to decline, based on 124,400.
Unfortunately, I expect there will be a little more decline this time as well.
The first is the double top.
If you check around 111,760, you can see that a double top has formed.
Accordingly, we can expect a downward trend, and since the bottom trigger in between has also broken downward, I believe this has been clearly confirmed.
The second is that the arbitrary wave M wave is forming a length ratio of 1.618 of the N wave.
This part could be carefully counted by attaching names according to Elliott Wave theory, but as those who have been reading my articles for a long time would know, I consciously do not count waves in detail.
I judge that focusing only on the length ratio is better.
The third is the downward break of the trendline.
The trendline refers to the trendline that can be found when connecting 108,400 and 110,240.
Since this trendline has been broken downward, I think Bitcoin could see a short-term decline.
Lastly, although it is not certain so it is a bit ambiguous to say, the movement that has been forming since August 29 at 21:30 could be seen as a Shark pattern.
This part is somewhat ambiguous to define as a harmonic because the range is formed ambiguously, but I thought it would be better to write it down, so I am informing you.
By comprehensively judging the above matters, I estimated the final TP to be around 107,778.
All the grounds in this article have been carefully drawn on the chart, so I think there will be no significant difficulty in reading.
I will continue to track this idea, and as the movement develops, I will deliver additional information to you through updates of this idea.
Thank you for reading.
Trade active
second tp hit!!
Copy Trading (Managed by DeepTon) – Participating as one of the strategists
: okx.com/copy-trading/account/E54801B9938D7B4C?tab=spot
: okx.com/copy-trading/account/E54801B9938D7B4C?tab=spot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Copy Trading (Managed by DeepTon) – Participating as one of the strategists
: okx.com/copy-trading/account/E54801B9938D7B4C?tab=spot
: okx.com/copy-trading/account/E54801B9938D7B4C?tab=spot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.