Oh shit!... I have a hard time recognizing what the hell BITCOIN is doing, although I have been correct in the direction of its price for a while now, I see confusing patterns here and there.
On the one hand, I have my Elliot Waves account, in which he tells me that we are missing an "abrupt" drop to form the "C" arm of a ZIG-ZAG ABC correction...
This "C" leg should be composed of 5 movements (3 downward impulses and their respective pullbacks)... right now 4 out of the 5 have seems already been formed, so we would need a fifth that could be very extended to reach the level FIBONACCI typical of a ZIG-ZAG correction (around 52K?)...However, I find it hard to believe that BITCOIN suddenly drops that much but it could happen...
On the other hand, I see more and more clearly the formation of a symmetrical triangle... the outcome of this triangle, let's say it is 50/50... if it breaks upwards, its target would be to reach 83K... on the other hand, downwards would support the thesis of 52K as the most probable scenario...
It seems to me that I am still bearish in the short term...
Should we wait for the AFTER-HALVING effect to do its thing in a few weeks to see BITCOIN fly strongly again?
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I tend to be more bearish as well and I think it's more likely to drop down before the halving. Anything could happen and the markets can be quite unpredictable at times.
The market has bottomed out and recovered, suggesting that we are headed back to $75,000.