BTC bas been loosing its upward momentum for sometime and the wish of seeing BTC in 70k s has been looking farther and farther. The recent double top on BTC right at the ATH has been becoming more and more concerning. The wave analysis on 1D chart on BTC is also indicating the correction wave 4 of Converging Diagonal Impulse waves as shown below:
The recent making of inverse Cup and Handle with double top on Cup and Rising wedge on Handle are the triggers which have strengthened the downward projection. Once this Cup and Handle is broken downward, BTC will soon visit 54-50k completing the market cycle, Testing the lower broken ranges and correction of upward impulse from where upward Impulse wave 5 will trigger.
These waves were already mentioned in one of my previous analysis when BTC was in Impulsive wave 1 as shown in the attached idea.
The recent making of inverse Cup and Handle with double top on Cup and Rising wedge on Handle are the triggers which have strengthened the downward projection. Once this Cup and Handle is broken downward, BTC will soon visit 54-50k completing the market cycle, Testing the lower broken ranges and correction of upward impulse from where upward Impulse wave 5 will trigger.
These waves were already mentioned in one of my previous analysis when BTC was in Impulsive wave 1 as shown in the attached idea.
Trade closed manually
BTC did not complete the cup and bounced from the golden pocket invalidating the pattern, but it can still be an attempt of manipulation. I will rather stay neutral for time being for more data.Note
Although it invalidated the Cup and Handle, but according to Wave analysis, it was still bearish, we can still visit 50s. These marked levels are the ones where I will be interested in a long position on BTCNote
BTC has hit my second range but there is still no sign of bounce. 53k remains on the table as long as we are below 60k.Trade closed: target reached
All 3 targets got hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.