#Bitcoin has begun a 14% collapse to 44k (levels)
Technical Analysis
Bitcoin has pumped big in the past few weeks, but nothing lasts forever, and markets always move in waves. I expect a 14% drop to 44k in the next few weeks. Why?
We can see that the price is now below the ascending parallel channel, which is an indication of weakness. Also, according to my Elliott wave analysis, we have finished the fifth wave of the impulse wave. What usually follows is an ABC correction or a complex WXYXZ correction. On the chart, you can see my levels, which you can use as support or resistance (profit target or entry point).
These levels are very strong and the market must react to them. Bitcoin usually likes to bounce from 0.382 or 0.618 Fib levels, and I think the bottom will be at 0.618 FIB.
Let me know what you think of my analysis. Thank you, and I wish you successful trades.
