BTCUSDT ( Bitcoin ) Coin Analysis 29/09/2021Fundamental analysis:
it is very obvious that the asset is at distribution phase on its bearish trend, though many countries are accepting it as a legal tender but there are many more reasons that the coin is on its way to the lower levels of its past appreciation and we can have one more glimpse of this asset on its very undervalued levels before the reaccumulation phase starts.
soon we can hear more negative news which may mislead us that it is falling due to some silly reasons but it is nothing than the simple supply and demand and outdate of the technology.
from other side we can see bitcoin is loosing its Dominance and it can be interpreted as the fund diversification to the AltCoins.
we shall observe some diversion and correlation coefficient change of BTC and other altcoins specially DEFI segment and other powerful blockchains.
but we believe Bitcoin will survive this bearish trend also and live to see the higher levels such as 85000$ or even 107000$
Technical Analysis:
the Asset seems to be not able to break the 23.6 FIB Retracement which is followed by an engulfing candle pattern and it can be a good sign of retracement reversal towards the lower levels such as 78.6% (17000USD) of the main bullish wave with top of 64850 USD.
with Bearish Bias we can have the C leg of the ABC chart pattern which is the correction of the main Elliot wave count.
we count 17000$ and lower to be the best undervalued prices to Purchase and accumulate the Asset.
there exist a very powerful resistance area from 55000$ to 58000$ as this zone has confluences with Main distribution and bearish 78.6% Fib Retracement of the bearish wave.
there exist a very very strong support area between 9000$ to 15000$
