Bitcoin Elliot Medium-Term Analysis

There are two scenarios, 106350 is critical for me to identify these scenarios; if it stays above, the rise continues, but below, things start to turn towards a decline.

🟢In the first scenario, we are currently on the verge of a larger upward movement; I saw a data point on Onchain that supports this, but the reliability of the data is debatable. If this scenario plays out, the minimum target is 117k.

If the chart seems like it won't drop below 106350, I might try a long.

🔴In the second scenario, if it drops below 106350, Bitcoin activates. If this scenario occurs, all the upward movement was actually a rise to drop more, and we can say we are heading at least to 97. The last rise on Coinbase was not supported at all and only involved selling; Coinbase generally leads the market and they know something. For this reason, I take this situation seriously.

In case this scenario happens, if it drops below 106350 and doesn't show signs of recovery, I will try to short from good levels. #Bitcoin