worldfactsi

In the previous technical update, when everyone was talking about a rally, I had warned that a drop to 82,000 was likely not out of reach. But if I'm honest, I didn't expect such a drop without a correction. All support areas are on the verge of being lost one after another. Absolute fear has gripped the market. What I expect is for the market to find support from these areas and find itself, otherwise it is not far from reaching lower numbers.

My view on Bitcoin trends and structure based on Elliott Waves Pay attention to the volume. Every time we had a drop, the volume increased. Maybe wrong... Maybe rightIn the previous technical update, when everyone was talking about a rally, I had warned that a drop to 82,000 was likely not out of reach. But if I'm honest, I didn't expect such a drop without a correction. All support areas are on the verge of being lost one after another. Absolute fear has gripped the market. What I expect is for the market to find support from these areas and find itself, otherwise it is not far from reaching lower numbers.

My view on Bitcoin trends and structure based on Elliott Waves Maybe wrong... Maybe right

Bitcoin chart on weekly time frame So simple and understandable to the public. As long as the $100,000-$98,000 support zones are not broken, the uptrend will continue, but at a weak pace, indicating a weakness in the trend.

BTC 1W... *Don’t be afraid of this drop, it’s a big surrender. From a technical perspective, the $100,000 level is a key psychological area that the price needs to reach. From a fear and greed perspective, the market is in absolute fear, which I think is the best time to buy short. But my general view of the market is that at this point; it could even go below $100,000, and that’s where things get a little tricky. If buyers don’t show support in time, sellers could take control and push the price down to $93,000. Don't forget that a positive divergence has formed on the daily timeframe, which could be a factor in the price increase. Always be a buyer of fear and a seller of greed...

Over the past few days, due to the news of the ETF's approval and implementation, Bitcoin entered an exciting phase that led to a price increase to the ceiling of the channel you are viewing. When the price reached the ceiling of the channel, a price correction was not out of the question, but this alone is not acceptable, because it has hit the ceiling of the channel, so it is time for a price correction. In the meantime, important factors affect the behavior of the price, one of which is the review of ONchain data. Checking the input and output flow According to statistics from the CryptoQuant website, Bitcoin miners have put more selling pressure on the price, which is playing an important role in today's correction. Let's skip that and get back to the technical. You will probably notice that it is quite natural to correct up to the center line of the channel. In our opinion, this line plays the role of a support range. But if this support breaks for any reason, Bitcoin's next stop would be the bottom of the channel, around 32,000.As I mentioned in the picture, the price reached the middle line of the channel, now it is up to you to decide how to react. Trader failure or trader reaction...

My long-term view of Bitcoin movements Without any further explanation, as the chart itself expresses the content... But note that this is a long-term chart

What I imagine about the future trend of this altcoin is what you see in the picture. The weakness of the upward trend is quite evident. Pay attention to the number of hits to its upward trend line... So I expect a not too deep correction for this altcoin

According to the Elliott waves, Bitcoin is currently correcting the ABC waves, the last wave is not completed yet, and based on the Fibonacci levels, the C wave can bring 22,250 corrections. On the one hand, in the weekly time frame RSI is below the positive zone for several weeks in a row, and on the other hand, the price conflict with the 200 mover and the return of the price with each collision with it shows that the level of around 27,850 can be a strong resistance. Of course, this is only my opinion and thoughts, I just shared my thoughts out loud with you, it may be wrong.

The picture is self-explanatory, so I don't see the need for additional explanations...