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BTC/USD - Short Term Targets and Log Scale Update
As anticipated in my previous analysis, we had a long sideways price action with the 4th subwave and completed the wave at 8.600. Following my grand scenario, the 5th subwave (Superwave B of the triangle pattern) is headed towards 6.800-7.150 area, which is also my short-term buy zone. I strongly suggest everyone to have a solid confirmation of a bounce before jumping in. There is a possibility of a free fall if the support wouldn’t hold a prospective FUD wave.
By the way, I made a slight adjustment with the trendlines, where i switched to logarithmic scale since the 20k, 17K, 11.7K highs and 3K, 5.8K dips perfectly align with the lower and upper logarithmic trendlines.
As you see, my scenario is a bearish one, where I expect a breakout downwards after reaching the apex with the super wave E. Currently, the volume, market sentiment and all the other major indicators signal a bearish scenario. However, is there a bullish reversal potential? Although it’s highly unlikely considering the current market conditions, I give 25% chance for a bullish scenario that we might break out the upper trendline and put an end to this downtrend without even having a proper bear market cycle. ?!?
Furthermore, I believe we're currently in the ''capitulation phase'' of the market cycle. People mostly lost their hope and faith that BTC is going to have a reversal soon and they started to leave the market. Last couple of days, we've been experiencing a significant increase in BTC market dominance. That is a strong sign of an ongoing capitulation, where people started to dump their alt coins and switched to BTC, getting ready for the ultimate exit.
Good luck everyone.
By the way, I made a slight adjustment with the trendlines, where i switched to logarithmic scale since the 20k, 17K, 11.7K highs and 3K, 5.8K dips perfectly align with the lower and upper logarithmic trendlines.
As you see, my scenario is a bearish one, where I expect a breakout downwards after reaching the apex with the super wave E. Currently, the volume, market sentiment and all the other major indicators signal a bearish scenario. However, is there a bullish reversal potential? Although it’s highly unlikely considering the current market conditions, I give 25% chance for a bullish scenario that we might break out the upper trendline and put an end to this downtrend without even having a proper bear market cycle. ?!?
Furthermore, I believe we're currently in the ''capitulation phase'' of the market cycle. People mostly lost their hope and faith that BTC is going to have a reversal soon and they started to leave the market. Last couple of days, we've been experiencing a significant increase in BTC market dominance. That is a strong sign of an ongoing capitulation, where people started to dump their alt coins and switched to BTC, getting ready for the ultimate exit.
Good luck everyone.
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