#Bitcoin = Daily Analysis = 19.07.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts

Today BTC made a Falling 3 Methods and this is very bearish. Back to normal. The weekly candle backtested 50w MA and seems to set for more decline. Let’s explore details from different perspectives.

The Falling 3 Methods is strongly bearish and a continued decline is expected. It does not need to happen immediately tomorrow. BTC could pause for a few days, then continue. This would be normal.
This F3M move canceled the fake rally over the weekend.
So far, the price was not able to break above 8 EMA. Until $BTC closes above 20 EMA, there is nothing bullish.
The weekly and monthly candle formations and indicators continue to put a bearish pressure on the daily and every smaller time frames.
Odds: Bearish

Elliott Waves

There are indicators that I use for confirming strong motive waves like 3 or C and I usually don’t look at them on the weekly frames as such conditions are very rare. Today I found out that BTC had been in wave 3 or C for several weeks on the weekly frame. That’s forced me to update the counts to align with TA.
Note that the mini-rally on the weekend was likely wave ii of 3 of C. Wave i looks like a leading diagonal.

Forecast and Events to watch

If the EW counts and channel are correct, expect w3 to grind down to $17-13k and this wave could develop for about 2 months.

1. If BTC breaks below $28901.8 before July 31, it opens a door to lower prices.
2. If BTC closes below $28901.8 on July 31, it swings this door wide open. Possible decline to the 4-digit prices.
3. If BTC breaks below $19870.6 anytime (long term support), the odds of going into the 4-digit area greatly increase.

I am planning to update daily on changes after the closures, as usual.

The long term perspectives and the chart can be found in the Monthly/Weekly Analyses by the link below.

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