What the chart above illustrates is a repeat of the wave construction that previously led to the sharp sell-off in Bitcoin (BTC). Let's go through the sequence of events together in a nutshell:
(1) Bitcoin price forms a first upward wave that fails just before the short-term resistance band and forms another trough (2)
(3) The second upward wave fails again at the resistance band and the rebound pushes BTC to a slight buying interest for the first time, which is shown by a small increase in volume (K). The result is a very small accumulation phase (4)
(5) The Bitcoin price goes through a short distribution phase and is sold off steeply again.
The result of this sequence of events could lead to a secondary test of the previous low at just above $42,000. That is, of course, if the events will repeat.
(1) Bitcoin price forms a first upward wave that fails just before the short-term resistance band and forms another trough (2)
(3) The second upward wave fails again at the resistance band and the rebound pushes BTC to a slight buying interest for the first time, which is shown by a small increase in volume (K). The result is a very small accumulation phase (4)
(5) The Bitcoin price goes through a short distribution phase and is sold off steeply again.
The result of this sequence of events could lead to a secondary test of the previous low at just above $42,000. That is, of course, if the events will repeat.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.