- Bitcoin is bearish on higher timeframes, but on the 4-hour chart, BTC could reach 17,300–17,550 in the near term!
- There is a massive opportunity to short Bitcoin at the top of two parallel channels or at the 0.618 - 0.5 FIB! We can go straight down to 10k after we reach this important level.
- From the Elliott Wave perspective, it makes sense to complete the C wave to the upside. There are many shorts that must be eliminated before bitcoin experiences a historic crash!
- The previous uptrend from November 21 to December 14 was nice, but unfortunately, there are a lot of signs of weakness in this particular move. Example: There is an overlap between wave W and wave X.
- It looks like a WXYXZ triple-three (ZigZag) corrective structure. The subwaves look like zigzags, not impulses. That's why I am being a little bit pessimistic about this previous uptrend.
- I post trade setups privately. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing.
- 15487 is the next major support, and I believe the market wants liquidity below this level. All stop losses should be hit first, and then I expect a bullish pullback. I will inform you in my next analysis, so make sure you follow me!
- It's better for Bitcoin to crash to 10k immediately, so we can eventually start a new bull market sooner rather than later. Probably the last thing you want is for Bitcoin to slowly rise to 21k–30k and then dump to 10k.
- Check out my related idea about "Bitcoin - Merry Christmas!" in the related section down below; you don't want to miss it.
- I think we will see more major players capitulate, so stay safe! There is an opportunity to wipe out big players out of the game now or never.
- Thank you.
