For those who keep wondering why im bearish on bitcoin
well i can only say plainly because of technicals i even have a chart to show a similar market structure with this asset
Im still in the camp where from an elliot wave perspective price is more likely to continue in a larger downtrend in the form of a complex wxy correction
If you look in the lower TF's you can decompose several zigzags and the time required for the correction to terminate has not been met as complex correction can stretch for a long period
As long as price remains below 56k there is absolutely no reason for bitcoin to soar to historical highs
Charts don't lie
Only people with bad intentions looking for liquidity do( ehem cryptotwitter influencers)
well i can only say plainly because of technicals i even have a chart to show a similar market structure with this asset
Im still in the camp where from an elliot wave perspective price is more likely to continue in a larger downtrend in the form of a complex wxy correction
If you look in the lower TF's you can decompose several zigzags and the time required for the correction to terminate has not been met as complex correction can stretch for a long period
As long as price remains below 56k there is absolutely no reason for bitcoin to soar to historical highs
Charts don't lie
Only people with bad intentions looking for liquidity do( ehem cryptotwitter influencers)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.