#Bitcoin = Daily Analysis = 24.06.2021 $BTC #BTC #trading #investing #charts #Elliottwave #cryptocurrency #crypto

BTC rallied for 3 days. However, the theory and indicators suggests that the odds could swing bearish again. Let’s discuss the different aspects of the hypothesis.

Candles Perspective

There were three green candles over the last three days. The last two were very weak and were made on a falling volume. At the same time, the price failed to close above 8 EMA (just 15 point below!) and close above the last long red candle.
There are likely two notable combos in play, a Three While Soldiers and a Falling 3 Methods. While the former is not well supported by indicators, the latter has the higher odds of completing. If it is so, expect a sizeable red candle today-tomorrow, possibly closing at a lower low.
The perspectives for tomorrow:
– If the coin closes above $35.7k, a reversal would be confirmed.
– If a red candle closes at a new low, the downtrend could accelerate.

Elliot Waves Perspective

BTC completed a minimally acceptable formation of 5 waves down that I marked with Blue on the daily chart.

On the hourly chart I placed a rectangle that I consider an inflection area. If BTC advances through the rectangle, I would expect it to continue the rally and complete wave B by approximately the end of August (blue count on the daily chart).

If the coin choses to continue down (odds slightly favor this scenario), it could complete wave (C) in Green or Alt (A) in Blue (daily chart) in the next several weeks. The targets for this scenario remain unchanged:

  1. (C) = 0.618 x (A): $19975.
    Note that this target is just a tad above the Long Term support of $19870.6. If this support breaks, $BTC could see a 4-digit prices in the nearest future. The long term waves/forecast will require a full recount if LT support breaks.
  2. (C) = 0.786 x (A): $14176.
  3. (C) = 1.0 x (A): $6789.

Long Term Forecast:
Both Green and Blue scenarios have been on the long term chart for a while.

Time to make a decision.

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