This analysis suggests a cautious approach to Bitcoin trading in the short term, given the current volatility and the potential for further downside. Here's a summary of the key points:
1. Market Sentiment: Bitcoin's recent crash is attributed to institutional manipulation, designed to create fear and shake out retail traders.
2. Price Movements: Bitcoin dropped from its highs by 15%, with altcoins seeing steeper declines of up to 70%. After bouncing back to 99k, it is now likely in a corrective phase.
3. Elliott Wave Analysis: The analysis identifies a strong impulse wave (12345) followed by a corrective structure (ABC). The final wave (C) is projected to target 85k, aligning with unfilled Fair Value Gaps (FVG) on the daily chart.
4. Recommendation: Avoid buying Bitcoin now and consider waiting for the projected drop to around 85k, where a stronger support level might form.
5. Caution: No specific trade setup or stop-loss is provided. It emphasizes waiting for a clearer entry point.
Takeaways:
Use technical analysis tools like Fibonacci extensions and gap-filling patterns to plan your trades.
Avoid trading based on emotions during high volatility and maintain disciplined risk management.
Keep an eye on Bitcoin's behavior near 85k for potential opportunities.
If you'd like further insights into specific altcoins or strategies, let me know!