Bitcoin stands are expected going to get paid in future
Why is BTC not continuing its unabated rally? I even have had buyers sign up for my Premium Crypto Trading Service, exactly thinking BTC would only and continuously go up. Well, no. BTC, like any other financial asset, must go through its Elliott Waves (EWP).
Two weeks ago, founded on the available data, I decided, “If BTC moves below $52625 without making a new ATH first, my chosen “flat wave-4” scenario endures to play out as primarily anticipated, with the extra “flavour” of an irregular flat. Consequently, the ideal downside target can be adjusted to $43K+/-1K for a definitive C=A relationship.
Once the problem region is reached, I then imagine the rally to $75K+ to take grasp. If there is no overlay with $52625 over the next numerous days, and BTC can in its place reclaim its 10d and 20d SMAs, to be trailed by a rally over $60K, then the instinct pattern with a perfect top at $63.4K is favoured. Only then can the Bears have extra shot at, with a possible downside target of $40+/-1K.”
The disadvantage was precise but incomplete. Can BTC, thus, still reach $70K?!
Fast forward, and as I chose, BTC moved lower. It released below $52625, bottomed at $50406 on March 25, but never stretched $43K +/- 1K. Instead, it rallied back to $60K. Thus, my idea BTC would see the low $40Ks when below $52625 was wrong.
But, as said at the start of my update, BTC(Bitcoin) has not stimulated much over the last two months (on February 21, it touched $58K, and today April 6 it is still at $58K). Inappropriately, sideways price action is the firmest to interpret, particularly from an EWP perspective, as it leaves the door open to many selections.
But ultimately, one choice will be selected by the market, the smoke will clear, and the succeeding path will then be much cooler to forecast, track and trade. As normal, all we can do is “anticipate, monitor, and regulate.”
CBW - External Analyst