good day ladies and gentleman, lets look at btc. the 4 hour chart has formed a head and shoulders patten which is currently breaking down, the elliot wave failed on the 5th wave.. it is wise to observe that the manner in which btc rallied out of the long term downtrend is super unhealthy for long term bullish movement and we can start to see this reverse now.
we can expect to see some resistance from the top of the long term downtrend to form a new support.depending on how long btc takes to break down, we can expect 7600 -7400 range to be the most significant drop that btc can make and can possibly lock in our bottom unless we rebreak the channel, that would be VERY BAD for the long term growth.
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cryptodad161 out!
we can expect to see some resistance from the top of the long term downtrend to form a new support.depending on how long btc takes to break down, we can expect 7600 -7400 range to be the most significant drop that btc can make and can possibly lock in our bottom unless we rebreak the channel, that would be VERY BAD for the long term growth.
if you found my analysis insightful, informative and educational, please follow and share, if you didn't, please keep it to yourself its rude to gossip.
cryptodad161 out!