The price of Bitcoin is preparing for a final drop to the downside, to 57k per my calculations! The price is still inside this bullish flag formation, and we still need to complete the ABC corrective pattern from the Elliott Wave perspective. At this point, I cannot be bullish at all, just be patient and wait for 57k to be hit before buying BTC!
It's also important to take a look at the long term trendline (October 2023 -> January 2024). We have 2 touches, and the 3rd touch is inevitable sooner rather than later! It will be good if you buy Bitcoin at this trendline. Trading is easy if you have the right information. After we hit the trendline, we can continue in the bull market (100k+). Do not forget that prices are usually very volatile around the halving event.
Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
🏃♂️Bitcoin is moving in two descending channels: a ⚫️Black Descending Channel⚫️ and a 🟣Purple Descending Channel🟣. Also, it is currently moving in the 🔴Resistance zone($66,050-$64,520)🔴and near the Upper line of the descending channel and 50_SMA(Daily) and Time Reversal Zone(TRZ).
📈If we want to look at the chart from the point of view of the Classical and Harmonic patterns, Bitcoin has succeeded in breaking the lower line of the Symmetrical Triangle Pattern, and it seems that a Bearish 5-0 Harmonic Pattern is forming near the upper line of the 🟣descending channel🟣.
💡Before concluding, let's take a look at the Market Cap USDT Dominance% (USDT.D%) chart.
💡USDT.D% broke the 🔴Resistance zone(4.72%-4.53%)🔴 as I expected and is currently pulling back to this zone, the pullback structure seems to be forming with the Falling Wedge Pattern, I expect USDT.D% to rising again and this It will cause another decline in the cryptocurrency market.👇
🔔I expect Bitcoin to start falling again based on the above explanation.
ETH continues to trade in a short-term bearish trend.
Overall, ETH is showing bearish signals as the downtrend channel remains intact, with highs and lows gradually forming.
In the short term, the bearish outlook remains intact as long as the bearish channel's limited resistance is not breached, we will see further downturns in the coin.
By checking the Doge chart in the weekly time frame (logarithmic), we see that the price is trading in the range of $0.15 and the demand ranges in front of the price are $0.075 to $0.092 and $0.122 to $0.15! If the upward trend continues, the price targets are $0.229, $0.35, $0.374, and $0.75, respectively! The expected yield of this cryptocurrency in the long term is above 300%!
SOL continues to form a correction during the recovery phase again, receiving support at 130.85. However, overcoming the broken support level around 167.00 is still a challenge and a target.
If the bulls cannot muster enough strength to overcome this support, the bears could sink it to the next line of defense at 99.05 (as indicated on the 1D chart) #sol #solana #btchalving
Meme coins are the main drivers of this season. Don't ignore it. We've got some powerful news, a large number of holders. New players in 2024 will come to the market to buy PEPE. And then it's all about putting the money into more fundamental projects. 🐸🚀
It seems like the price is getting close to the apex of the Massive Bull Pennant Formation, and now is the time to keep an eye on SHIB! If you're looking to trade SHIB at the moment, here's a quick setup that you might find helpful!
The idea is: Buy when the price breaks above 0.0000301$ and take profits at the levels shown in the chart.
How do we know if this is a short-term drop (a retrace) or a long-term drop (a correction)?
➖ One way is to take into consideration the duration of the bullish phase and compare it to past history.
➖ Another way is to look at the proportion of the waves; a parabolic rise will always lead to a strong correction.
➖ An easier way is by looking at the trading volume. Whenever huge volume comes in, we need to pay attention. Dogecoin (DOGEUSDT) produced the highest daily volume session 5-March 2024 since May 2021.
May 2021 is when the orthodox end of the Cryptocurrency bull-market took place, meaning, the start of the bear market. Being more specific to Dogecoin, May 2021 is when the ATH hit.
👉 DOGE produced the highest bearish volume and now we have very strong bearish action. This tells us that a long-term drop (a correction) is on the way.
Long-term compared to a retrace, not the 'long-term' we use when speaking of market projections.
Prepare for the drop. Stay safe!
It will get really ugly but it will recover really strong once the correction is gone; months after the halving. (Each trading pair should be considered individually.)