Technical analysis by shkspr about Symbol BTC: Sell recommendation (2/29/2024)

BTCUSD Here is my Bitcoin scenario: I expect bearish price action—a crash. It's outside the Keltner channel and is overbought on every timeframe; it needs a correction. Based on the big picture of the economy and what's happening in the macroeconomy, it should return to the 10k area again. Technically, we have a triple top; it could go down to form an inverse head and shoulders pattern before the next bullish cycle, reaching 100k. According to Elliott Wave theory, the correction should start soon. If you think the collapse from 64k to 59k in 15 minutes was an incident, you should think twice. At this level of capital and market, there are no incidents; it's all by design. My target is 11k, and I believe in it. Everything is going to crash, including real estate, equities, and BTC.