Many were expecting a possible correction to 32-34k but it seems BTC has formed descending triangle (Creds to MJShavar for pointing it out in his idea)
However, I don't anticipate this to be the case. After the fed indicated potential half point hikes, and much talk about a potential recession, monkeypox, Russo-Ukraine war, among the fact the stock market ended green this week, one can expect red next week.
In times like these, speculative assets suffer most such as BTC and especially alts.
On an inverted scale of BTC, we can see multiple bearish signals in the indicators for the 1D. Bearish MACD Divergence, HH&LL indicate bearish
I laid out an Elliot Triangle Wave Correction Pattern, and set the Fibs on Wave A. Fib TP: 27.1k , 24.6k , 22k , 20k
If this is indeed a descending triangle, this coincides with the elliot triangle wave set.
However, I don't anticipate this to be the case. After the fed indicated potential half point hikes, and much talk about a potential recession, monkeypox, Russo-Ukraine war, among the fact the stock market ended green this week, one can expect red next week.
In times like these, speculative assets suffer most such as BTC and especially alts.
On an inverted scale of BTC, we can see multiple bearish signals in the indicators for the 1D. Bearish MACD Divergence, HH&LL indicate bearish
I laid out an Elliot Triangle Wave Correction Pattern, and set the Fibs on Wave A. Fib TP: 27.1k , 24.6k , 22k , 20k
If this is indeed a descending triangle, this coincides with the elliot triangle wave set.