Bitcoin is in the latter stages of a corrective phase. Once we get to the 48k area it finishes multiple patterns adding in the fact that since the all time high and low on Jan 24 BTC has not been able to make a 382 @ 46675.
This is not a bullish scenario, We also have 2 ABCD patterns running into the same area. It will find it hard to get through this area, but if it does get through there and above 50k that might be it.
The Total Crypto market cap is looking at this same correction for a move lower as well.
Maybe a geo-political event to send everthing lower one last time.
Interesting few days coming up.
This is not a bullish scenario, We also have 2 ABCD patterns running into the same area. It will find it hard to get through this area, but if it does get through there and above 50k that might be it.
The Total Crypto market cap is looking at this same correction for a move lower as well.
Maybe a geo-political event to send everthing lower one last time.
Interesting few days coming up.
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The Total Market Cap has the same look to it. With a move down to 1.33T.
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We have completed the first ABCD with a spike which is a good sign of a reversal. The moment of truth for the Crypto market.
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At a possible change in trend window now.
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Still tracking lower but we are in the 50-61.% area where there is a chance of a reversal. Below 40k spells danger..
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Total Market Cap heading lower but we might see a bounce from the 61.8% level before lower prices.
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BITCOIN already below the 61.8% but we should get a bounce around the 38k level but it might only be temporary.
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We didnt quite get to 38k but did finish in a nice spike down Butterfly pattern. Now it looks like we are starting the next correction back to 43k. A Gartley back to 40k would be a nice short term buying op or wait for this pattern to play out then sell that back to the low 30ks..
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Possibly one more rally to 42k before the move back down.
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38k hit a bounce to 43k before the last move lower.
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30k is on the way. I was looking for a move higher first but there is just no strength right now.
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LOG CHART Target @ 23500 area. 👍👍
Trade closed: target reached
Original target reached now looking for a rally to sell again..
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