$BTC
The chart contains more than one model and indicator
Each one has its own analysis, but they all have a similar goal
I will explain the chart:
1- Fibonacci levels are temporary targets
2- The channel is supposed to be a Wolfe wave model, and it still has wave number 5 to complete
But its target is 72 K
3- The indicator below is the open contracts indicator for Bitcoin, and it has a divergence. Through this divergence and the backtest on the price indicator, I found that it follows the path of the indicator, not the path of the price, meaning
The current divergence indicates a price drop
And its target is close to the target of point number 2
4- I see another model forming which is also negative, and its target is similar to targets 2 and 3
But this model, if it succeeds in its shape, will cancel reaching the peak of the overall upward wave that is expected
120- 140K
As long as all the negative targets I mentioned are close to the same level, this rings the alarm bell