BlueLineTradingLLC
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BlueLineTradingLLC
When analyzing BTC, we have a pretty distinct five wave move off the November 2022 low, which we are treating as a higher degree wave two bottom. That said, the RSI indicates a divergent high in March of 2024, marking the top of wave one of wave three. While the retracement from 72k to 56k was a more substantial pullback, we are treating that as only wave A of a larger ABC pullback that will target and backtest the 50k zone. If you are in doubt, the chopiness index is clearly indicating that buyers are not interested in methodical higher prices, the MACD is flashing bearish momentum signals still in play, and the RSI supports the count.
BlueLineTradingLLC
BTC is heavily traded by retail, making it a prime target for Elliot wave forecast. While you may think 170k is not possible, many said the same about 20k and 70k.
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Any content and materials included in Sahmeto's website and official communication channels are a compilation of personal opinions and analyses and are not binding. They do not constitute any recommendation for buying, selling, entering or exiting the stock market and cryptocurrency market. Also, all news and analyses included in the website and channels are merely republished information from official and unofficial domestic and foreign sources, and it is obvious that users of the said content are responsible for following up and ensuring the authenticity and accuracy of the materials. Therefore, while disclaiming responsibility, it is declared that the responsibility for any decision-making, action, and potential profit and loss in the capital market and cryptocurrency market lies with the trader.