We all know Elliott waves in uptrends, let's see how this plays out in a downtrend.
Would the ABC correction get rejected and nuke it down in sub 29's?
Let's see.
So the MACD on Monthly blinked Red for the first time for $BTC after Jul 1 2018 and Feb 1, 2020
In both cases, the price dropped around 60% from the moment it occurred - right down to the previous ATHs.
Closing the month in red like this, below $38.500 would validate this signal and most likely continue downwards in a correction wave with relief bounces.
Given...
AS we can see, BEPRO is most likely going to make that golden cross at the end of the day.
The last time this happened, it went up x70. Initial targets for taking profit now are at 100% - 0.0288 since it will act as a strong ressistance. If this comes near breaking out, I'd buy back in immediately and follow the price discovery.
Cheers.
