The price of Bitcoin is currently in a downtrend. We can see that the price is inside this secret descending channel that really no one talks about.
As long as we are in this channel, Bitcoin remains bearish, and we can expect a huge drop in the short term! So what is the plan?
Currently I recommend entering a short position and taking profit at around the bottom of the previous symmetrical triangle. Do not forget that triangles always act like a magnet for whales! Usually the price wants to take liquidity above and below triangles, so be careful.
There is an extremely high chance of sweeping liquidity below this symmetrical triangle. Triangles are also printed by the market maker to engage retail traders in trading.
The whole crypto market, especially Bitcoin, is manipulated by banks and huge institutions. They control the price and all movements on the charts, so you want to learn techniques on how to spot whale movements and where retail traders have their orders to become a successful trader! This can take a few years of education.
From the Elliott Wave perspective, it looks like we are ready for another leg down after the bears break the local red trendline. At this point, I marked it as a complex correction, but there are multiple scenarios on what could happen in the near future.
Currently I am bearish on Bitcoin and expect prices below 100,000. Always use technical analysis to confirm your bias.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
