Bitcoin waiting for $7200 or $6700 - BearishTrend!

Bitcoin/USD Bitstamp


On this graph we use Elliott Correction Wave (ABC) with Ellipse tools and trendline


MacD on bottom.


For the Past few months bitcoin tested 5x $7.8k price and that's not good and now they break it.


If you check the graph there's a big correction on it and we are expecting to go below $7200, $6700 to $6200 check the ellipse tools.


For me the main reasons are: Price made a fake breakout of resistance level,T'A said they will go up to $9k but it was a fake bull run it only hit the $8.6k.


Key level coincide with sell zone already break which is 8k.


We put 3 strong resistance 


But we will see what happen next.


The downtrend is characterized similarly to an uptrend — but in the opposite direction.


Friendly reminder always do your own research


Remember: TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty) 
Disclaimer: This is for educational purposes,it is not intended as a financial advice. 
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk. 


#Trend Analysis 

#Chart Patterns 

#Wave Analysis 

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Thanks a lot! 

COMMENT

17

Bitcoin Bee Reporter
22 Nov

Now you can see my prediction and now we're going to the possible bottom of Bitcoin to 5k usdt.

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