- Bitcoin is moving in this huge parallel channel no one talks about, and the price is respecting it pretty well, including the middle trendline!
- The current price of Bitcoin is around 25900 USD, which is very near its bottom in November 2022 at 16000 USDT. I expect this low to be followed by a huge crash, so make sure you are prepared for it. Bitcoin has been very weak compared to other assets this year.
- In September, I expect Bitcoin to reach the strong horizontal line at 24820 and potentially take liquidity below it. There are a lot of stop-loss orders from traders, which is a magnet for whales.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- 1 week ago, we had a huge red dildo with a 14% decline. To me, this is an indication that the third wave is in progress in my Elliott Wave count. Wave 5 should go below wave 3 exactly as I have drawn it on the chart! But do not expect any big crashes in the short term. A swing failure pattern (SFP) is something that has a higher probability. Basically, you can buy/long the fifth wave.
- This is my current plan for Bitcoin for the next 30 days. Of course, this is my main scenario, but I also have an alternate scenario, which I may post next time, but we will see!
- Let me know in the comment section if you are shorting Bitcoin, but I recommend placing a buy order around 24800 for a quick bounce back to 26800!
- Thank you, and for more ideas, hit “Like” and “Follow”!