hey guys, bitcoin price charts in small time frames are one of the most tricky things in technical analysis, seriously trust me, ive personally experienced this thing as an elliot wave analyst. but there're some patterns which appears again and again in bitcoin's chart, for example like the upper one.
i've seen this tricky pattern a lot of time in bitcoin movement, first you get a double bottom and then a double top, and this pattern worked so well to rekt traders, when prices forms a bottom and then comes again to retest it lots of folks gets confident to break that level and go below, but then suddenly prices gets pump from those level and fomos looses their money, just opposite to that when prices forms a top and then again march towards that level bulls get so convinced to break and go above that but suddenly prices crashes, so in this of situations its better that we should wait for the price action confirmations.
here we also getting a double top formation, basically we're now in flat correction which is normal behavior of wave 4, am still bearish as i've predicted in my analysis
and remain bearish unless we break 8150 level, but there's a high probablity of going lower, as we'll soon move into wave 5, which could push the prices below 7000.
thankyou
i've seen this tricky pattern a lot of time in bitcoin movement, first you get a double bottom and then a double top, and this pattern worked so well to rekt traders, when prices forms a bottom and then comes again to retest it lots of folks gets confident to break that level and go below, but then suddenly prices gets pump from those level and fomos looses their money, just opposite to that when prices forms a top and then again march towards that level bulls get so convinced to break and go above that but suddenly prices crashes, so in this of situations its better that we should wait for the price action confirmations.
here we also getting a double top formation, basically we're now in flat correction which is normal behavior of wave 4, am still bearish as i've predicted in my analysis
and remain bearish unless we break 8150 level, but there's a high probablity of going lower, as we'll soon move into wave 5, which could push the prices below 7000.
thankyou
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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.