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BITCOIN TO 8K
On the BTC chart we can see that the price broke the all time high at 20k, which means that it was confirmed that 69k was the end of the 12345 8 year cycle.
Now it looks like we are on thew way down from the top and had the 1 2 3 4 legs, here we are at the top of the last 5 structure down leg.
In theory, the price can drop to 0, but I am taking into consideration the elliott channel which puts the price bounce around 8k at its lowest
Still have 1 open CME gap open at 9.8k on the daily chart
From what I can see the next drop could be a nasty one down to 11k which is HUGE support. It will be tough to break that.
FOR NOW I am very bearish
Now it looks like we are on thew way down from the top and had the 1 2 3 4 legs, here we are at the top of the last 5 structure down leg.
In theory, the price can drop to 0, but I am taking into consideration the elliott channel which puts the price bounce around 8k at its lowest
Still have 1 open CME gap open at 9.8k on the daily chart
From what I can see the next drop could be a nasty one down to 11k which is HUGE support. It will be tough to break that.
FOR NOW I am very bearish
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