Bitcoin - Starting a 20% correction! 69k soon.
$BTC
Bitcoin is probably starting a massive 20% correction - my target is 69k. Why? I have many reasons.
The first reason is that from a technical point of view, Bitcoin just finished an impulse wave 12345 from the bottom of the bull market. Elliott Wave theory tells us that after an impulse wave we should expect a corrective wave, such as ABC, WXY or WXYXZ. Let's predict a standard ABC correction, and you can see the prediction on the chart.
The second reason is that we have an unfilled FVG between 65k and 75k. This is seriously one of the biggest FVG Bitcoin ever created, and what is the probability that Bitcoin will at least test the top of the FVG? Very big, I think around 95%. Sooner or later Bitcoin will go here.
The third reason is that Bitcoin got rejected from the 20 monthly SMA (simple moving average). That's really one of the strongest resistances currently.
Why is 69k a strong support? Mainly because of the 0.618 Fibonacci level. This Fibonacci level is very popular among banks and big institutions, they just love buying here.
I am very curious, where do you want to buy BTC for the long term? Write me a comment, I read all comments. Also, write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Thank you, and I wish you successful trades!
#BTC
$BTC
Bitcoin is probably starting a massive 20% correction - my target is 69k. Why? I have many reasons.
The first reason is that from a technical point of view, Bitcoin just finished an impulse wave 12345 from the bottom of the bull market. Elliott Wave theory tells us that after an impulse wave we should expect a corrective wave, such as ABC, WXY or WXYXZ. Let's predict a standard ABC correction, and you can see the prediction on the chart.
The second reason is that we have an unfilled FVG between 65k and 75k. This is seriously one of the biggest FVG Bitcoin ever created, and what is the probability that Bitcoin will at least test the top of the FVG? Very big, I think around 95%. Sooner or later Bitcoin will go here.
The third reason is that Bitcoin got rejected from the 20 monthly SMA (simple moving average). That's really one of the strongest resistances currently.
Why is 69k a strong support? Mainly because of the 0.618 Fibonacci level. This Fibonacci level is very popular among banks and big institutions, they just love buying here.
I am very curious, where do you want to buy BTC for the long term? Write me a comment, I read all comments. Also, write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Thank you, and I wish you successful trades!
#BTC