BTC BEARISH EWT COUNT
Hello Everyone!!!
It's been a while since my last post about cryptocurrency.
I've decide to post more about Crypto especially for BTC.
Please leave me your thought about my opinion, and if you guys like to, maybe I will create YouTube channel for English language.
**BTC Idea**
Based on recent news event, such as Russia-Ukraine tension and US Inflation Numbers. Also on how The Fed will execute the QT through Interest Rate Hike and Reduce their Balance Sheets.
We can see that BTC price under pressure, but not only on BTC. The impact also got to Stock Markets, such as NASDAQ & SPX.
So far, market still considering BTC as Risk-Asset and I think that's the reason why BTC is positive correlated with US Stocks.
Right now BTC is testing the Support Trendline from the Rising Wedge Pattern or Ascending Channel.
After 2 months accumulation, BTC just reached approx around $48.000, this could be the indication that the Bulls is not ready yet for finishing their accumulation phase.
Usually the market tend to turning from Sideways/Range into Ascending Channel if the Breakout doesn't go very impulsive.
And I think that's exactly what we witnessing right now. BTC will have possibility to rebound from this area and might be testing 50K first before it can go wrong in The Fed Interest Rate Hike on 4th May 2022.
If we are in the Rising Wedge Pattern, than according to Elliot Wave Theory, Wave four is typically clearly corrective. Prices may meander sideways for an extended period. Which means, the movement right now is showing the characteristic of Wave 4.
Very corrective and extended period.
Judging by the lower Time Frame positive Divergence, I assume BTC can have a small rebound or even strong rebound before finally decide to Breaking down the Support Trendline and potentially head to $31.500 - $30.000 based on Fibo Extension 1,618.
Let's see how the market moves tonight on US's CPI Data.
If the Inflation hit 9.1%, I think the market will go crazy and moves very volatile. Oh by the way this number came from FOMC Member of Cleveland.
Good luck for you guys!!
And I'll be waiting for your reply on your thoughts.
God Bless and Cheers!!!
It's been a while since my last post about cryptocurrency.
I've decide to post more about Crypto especially for BTC.
Please leave me your thought about my opinion, and if you guys like to, maybe I will create YouTube channel for English language.
**BTC Idea**
Based on recent news event, such as Russia-Ukraine tension and US Inflation Numbers. Also on how The Fed will execute the QT through Interest Rate Hike and Reduce their Balance Sheets.
We can see that BTC price under pressure, but not only on BTC. The impact also got to Stock Markets, such as NASDAQ & SPX.
So far, market still considering BTC as Risk-Asset and I think that's the reason why BTC is positive correlated with US Stocks.
Right now BTC is testing the Support Trendline from the Rising Wedge Pattern or Ascending Channel.
After 2 months accumulation, BTC just reached approx around $48.000, this could be the indication that the Bulls is not ready yet for finishing their accumulation phase.
Usually the market tend to turning from Sideways/Range into Ascending Channel if the Breakout doesn't go very impulsive.
And I think that's exactly what we witnessing right now. BTC will have possibility to rebound from this area and might be testing 50K first before it can go wrong in The Fed Interest Rate Hike on 4th May 2022.
If we are in the Rising Wedge Pattern, than according to Elliot Wave Theory, Wave four is typically clearly corrective. Prices may meander sideways for an extended period. Which means, the movement right now is showing the characteristic of Wave 4.
Very corrective and extended period.
Judging by the lower Time Frame positive Divergence, I assume BTC can have a small rebound or even strong rebound before finally decide to Breaking down the Support Trendline and potentially head to $31.500 - $30.000 based on Fibo Extension 1,618.
Let's see how the market moves tonight on US's CPI Data.
If the Inflation hit 9.1%, I think the market will go crazy and moves very volatile. Oh by the way this number came from FOMC Member of Cleveland.
Good luck for you guys!!
And I'll be waiting for your reply on your thoughts.
God Bless and Cheers!!!
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