#Bitcoin = Daily Analysis – Decision Time = 27.06.2021 $BTC #BTC #trading #investing #charts #ElliottWave #cryptocurrency

Today’s closure was a thriller. $BTC tried to make a reversal by forming a Tower Bottom, but failed by a few hundred points. From candles perspective – bearish forces in effect. Let’s have a look at the details.

Daily
Just few hours before the closure today, BTC started a rally that had a good chance to produce a tower bottom (an almost sure reversal) if it had power to close above 35.5k, the level I mentioned in the weekly update yesterday.

The price moved a tad over the 8 EMA line, but did not reach the 20 EMA. While the green candle was much bigger than the one yesterday, the volume was lower. These and few other indicators do not support the rally yet. We also should remember the bearish pressure on the monthly and weekly frames.

However, today’s action impacted the strength of bearish odds and the chance of reversal is higher than yesterday. If there is another strong green candle tomorrow that closes above 35.5k, the reversal could be a done deal.
Odds: Neutral-Bearish

Elliott Waves

The projection of the corrective waves on a mini-level is an extremely difficult task and its outcome is less reliable than the one from the candles forecast. Please keep this in mind.

The coin seems to be moving towards the targets I identified yesterday. However, it looks like it completed the minimally required number of waves and is ready to change the direction at any moment from now on.

Forecast

On Monday-Tuesday expect BTC to work mostly horizontally with a chance to advance as high as $35.5k-37k. The waves could form a diagonal/wedge that is a typical form before a reversal downwards. If a sharp reversal does not happen this month (before the cut-off on June 30), the chance of a rally would increase greatly.

Again, the closure on June 30 is very critical.

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