BITCOIN Hanging Over The Edge - There's a Long Way Down!
Updated
Dear Friends!
D4rkEnergY is back with another exciting update on Bitcoin. Let's just jump right in. We are now taking a look at the 4h BTCUSD Chart. Bitcoin seems to have run out of options. The drop seems inevitable now, and it's gonna take something like a miracle for this to have a bullish ending anytime soon.
In the previous chart D4 illustrated how we were caught in a smaller bear flag inside a bigger bear flag. And D4 was indeed right, when he predicted, we would go further down. Few minutes ago we were squeezed into a descending triangle, with the downtrend line as huge resistance, and it was just a matter of time before we fell even lower. Let me also draw your attention to the bearish MACD-Cross.
Let me be straight honest with you guys. We don't really see any bullish signs at the moment. Everything is pointing in the direction that we still need a bigger correction. D4 has counted the Elliot Waves for you. After the flat irregular ABC-correction we tried to restart a new EW-Cycle. But a failure stopped that quickly. We will now have an add-on to the corrective pattern.
The next support level is around 8,200 USD, where we will see a smaller bounce. But it's very unlikely due to all the FUD lately that it's enough to make a real reversal. We will probably go gown to around 7,200-6,900 USD (which is equal to a 78,6 % retracement), where we once again will try to restart an Elliott Wave Cycle. At this moment, D4 will believes there is a 30 % chance that this scenario will succeed.
If not we will go even lower and test the orange support level, which is around 6k, which give us an almost 100 % retracement.
D4 fill follow up on this later.
D4 loves you <3
Once again. I just want to say thanks to all of you guys for all the love and support you are giving me. I'm sorry that I cannot answer all my messages here on TradingView. Got more than 600 unanswered now :( I truly feel blessed though. Thank you so much - please give a BIG LIKE and FOLLOW <3
D4rkEnergY is back with another exciting update on Bitcoin. Let's just jump right in. We are now taking a look at the 4h BTCUSD Chart. Bitcoin seems to have run out of options. The drop seems inevitable now, and it's gonna take something like a miracle for this to have a bullish ending anytime soon.
In the previous chart D4 illustrated how we were caught in a smaller bear flag inside a bigger bear flag. And D4 was indeed right, when he predicted, we would go further down. Few minutes ago we were squeezed into a descending triangle, with the downtrend line as huge resistance, and it was just a matter of time before we fell even lower. Let me also draw your attention to the bearish MACD-Cross.
Let me be straight honest with you guys. We don't really see any bullish signs at the moment. Everything is pointing in the direction that we still need a bigger correction. D4 has counted the Elliot Waves for you. After the flat irregular ABC-correction we tried to restart a new EW-Cycle. But a failure stopped that quickly. We will now have an add-on to the corrective pattern.
The next support level is around 8,200 USD, where we will see a smaller bounce. But it's very unlikely due to all the FUD lately that it's enough to make a real reversal. We will probably go gown to around 7,200-6,900 USD (which is equal to a 78,6 % retracement), where we once again will try to restart an Elliott Wave Cycle. At this moment, D4 will believes there is a 30 % chance that this scenario will succeed.
If not we will go even lower and test the orange support level, which is around 6k, which give us an almost 100 % retracement.
D4 fill follow up on this later.
D4 loves you <3
Once again. I just want to say thanks to all of you guys for all the love and support you are giving me. I'm sorry that I cannot answer all my messages here on TradingView. Got more than 600 unanswered now :( I truly feel blessed though. Thank you so much - please give a BIG LIKE and FOLLOW <3
Note
So we fell even lower to under 8,000 USD, and are now just above. As D4 has illustrated, we are still in still struggling. A descending triangle is taking form, which makes it harder for the bulls to make higher highs.The former green support line, which now acts as resistance, makes it even harder to make a reversal at this time.
I said it many times before, but once again, it seems like it will just be a matter of time before will fall through.
I will follow up on this later <3 Please give the chart a LIKE - thank you so much :)
Note
7,750! Bitcoin is in Free Fall! On the 4 hours chart the last 2 volume have been double the MA20 average. The RSI is soon in the overbought zone, but has proven it can go lower, and probably will. The same with MACD.New update later. Thank you, guys <3
Note
So we went down to 7,700 USD, and had a bounce back, which is expected. We are at this moment around 8,200 USD and are trying to fight the 61,8 % retracement level, which acts as resistance.I think it's unlikely that this will be a real reversal. It's probably just a smaller correction. It's still too early - this is most likely just a smaller correction, which perfectly match in the combination corrective pattern.
Remember to give a BIG LIKE - I will make a new chart soon. Love you <3
Note
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