Call me Crazy, but it is possible
Updated
BTC is currently in 6th red candle on weekly time-frame, the fear in the market is at its extreme, the gradual drop has exhausted the buyers. Panic selling is at its peak where everyone is selling in loss in order to buy back lower in 20s, where-ever i see, Everyone right now is talking about either late 20s, early 20s or late 10s.
While that seems entirely possible, I am here to present another case for expanded flat. The major reason is because I dont see any clear impulsive wave structure on LTF to be sure that that downtrend is strong.
The 100% fib level mentioned in the chart is based on Log scale.
On 1 day time-frame, it co-relate with the 100% fib level of minor wave C as shown below.
While its entirely possible that we see the lower ranges, but at the moment, when 90% of the market is bearish and waiting for lower ranges, my gut is telling me that we might not see those levels at-least for time being.
Anyhow, it wont take much time for the market to show either this theory is right or wrong, but fingers crossed. I am personally rooting for bullish movement for time-being while at the same time prepared for a bearish flush downward.
While that seems entirely possible, I am here to present another case for expanded flat. The major reason is because I dont see any clear impulsive wave structure on LTF to be sure that that downtrend is strong.
The 100% fib level mentioned in the chart is based on Log scale.
On 1 day time-frame, it co-relate with the 100% fib level of minor wave C as shown below.
While its entirely possible that we see the lower ranges, but at the moment, when 90% of the market is bearish and waiting for lower ranges, my gut is telling me that we might not see those levels at-least for time being.
Anyhow, it wont take much time for the market to show either this theory is right or wrong, but fingers crossed. I am personally rooting for bullish movement for time-being while at the same time prepared for a bearish flush downward.
Note
In case we go below 30.4k, I will sit aside with neutral/bearish stance.Order cancelled
The price action does not look satisfying to me for this scenario so cancelling this trading plan. Currently eyeing for 25k$ - 25.9k$
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