Bitcoin saw a negative daily close yesterday. With that, its fair to assume wave 4 down may have started and 100K will have to wait till wave 4 is done. Previous degree wave 4 was around 88K so that’s a potential target for ongoing wave 4 and 38.2% retracement which is common for wave 4…
Covering BTC after a long time, last update was in March and then this update is kind of continuation of what I shared in that post. Bitcoin started impulse move from the lows in November 2022. It’s moving nicely in a channel and seem to have completed waves 1 and 2 of larger impulse which…
It has been few weeks before I shared an update. Had been busy on both personal and professional fronts so did not get much time. Moreover, charts too have been quite messed up with large moves on either sides. The worst might be behind us as we seem to have completed complex correction (WXYXZ) in…
Nothing much has changed since last time I shared the update on BTC. We seen to be in final leg Z of W-X-Y-X-Z complex correction since the November high of 69000 last year. So far, Z seem to be a-b-c correction out of which a and b seem complete and we are in final leg…
Everyone is talking about crypto crash given the sudden recent fall in majority of cryptocurrencies including Bitcoin, due to FTX and Crypto.com troubles. Twitter was full of tweets people getting out on a steep more than 20% fall last week in Bitcoin. Some other coins fell much worse. So where does the current situation leave…
From the December 2018 lows around 3k, BTC rose in 5 waves impulse advance followed by complex correction W-X-Y-X-Z. Right now, we seem to be in last leg (Z) which so far is looking like a zigzag (a-b-c). Legs a and b of Z seem to be done and we are now in last wave…
Bitcoin is at a precarious position and trading near the previous major swing low around 17567. If this breaks then the next major support is around 11900/12000 zone. Wave wise, we’re in wave Z of complex correction and the level also coincides with size of wave Z if we take Z = W.
Among the big ones, Cosmos (ATOM) is one of the few cryptos that managed to give a monthly positive close for August. Most others including BTC, ETH, SOL et all, closed negative. Surprisingly, the other one that gave a positive close was SHIBAINU, though just barely. Seems like ATOM has higher relative strength. Typically, the higher the…
BTC has broken down from a bearish channel/flag with good volumes. Minimum we’re looking at is around 20K (height of channel). Trading around $20750 as of writing this. However, if we consider the flag pattern then the downside would be much deeper, around $19K.
This is weekly chart of Bitcoin. From start of 2019, Bitcoin (BTC) has been in a clear 5 wave impulse which ended in September last year after seeing a peak price of $69K. Since then BTC has been in corrective mode. Earlier it looked like regular zigzag (ABC) correction and my assumption was that downside…