BTC's Ultimatum: Descent into nothingness?
Updated
BTC has been in a downtrend. Boohoo.
We've traced the bearish wave A-B-C and the following ichimoku values were given.
N=4271
V=3004
E=1520
NT=7022
N, V, and E are some bearish targets. These are only in play if bitcoin breaches 5755.
NT represents a sort of resistance that needs to be broken in order to avoid catastrophe. Unfortunately it has already been broken long ago.
But there is still hope...
We've traced the bearish wave A-B-C and the following ichimoku values were given.
N=4271
V=3004
E=1520
NT=7022
N, V, and E are some bearish targets. These are only in play if bitcoin breaches 5755.
NT represents a sort of resistance that needs to be broken in order to avoid catastrophe. Unfortunately it has already been broken long ago.
But there is still hope...
Note
I say there is still hope because our dear bitcoin is in the perfect location for a recovery. If we dont crash down into the pits of hell, we should finally start seeing action other than bearish movement.Note
A thin and flattened 2 hour kumo has been forcefully penetrated by the price. This is bullish.
Price makes contact with lower span of the 4 hour kumo. Penetrating this cloud and showing bullish price structure in and above it will be a very promising sign.
Note
bitcoin has broken up out of the P-type 5-wave pattern it has been making and pierced the 4 hour kumo. This is pretty promising. If bullish price structure continues I can only get more and more confident that we will continue to rise.
Note
Bitcoin has risen up to the NT value for this wave. This value is acting as resistance This is a point of uncertainty. If our beloved coin can't manage to breach above this NT value then it is a goner. If it does manage to break above NT, then we will need to observe price structure to further get an idea of what it is we need to do.
If you really are convinced of a continued downtrend, shorting near this NT value may be extremely profitable.
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