just my idea

9 Okt 2022

BTCUSD

Hello to all my friends, I hope you are well. What I am writing is just my analysis of Bitcoin during the week.
Of course, the chart itself is clear and using the Fibonacci tool, I found an important reversal zone, which I will explain to you.
It hit the return zone for the first time on April 5, 2021, and reacted correctly and decreased from the price of $64,000 to $29,000 and started to rise again from July 12, 2021, until November 8, 2021, when it saw its highest historical price. It means $69,000 and in that area, which was an important return area, formed by a Fibonacci point in the area of 0.618, and in the Pro Fibonacci area, it formed a return area in the area of 100, which reacted well and started to fall.

And from that point, it started to form 5 waves. Based on Elliott, I calculated that Ender Neta is the correction of wave 4. After that, the price action should start falling technically.
I have shown the fallout areas with 2 targets in the picture

The important point from my point of view ::: There is no need to draw or use several indicators to analyze because everything is clear in the chart itself and the chart itself is responsive.
From a technical point of view, bitcoin should have a big drop, of course, I have analyzed in the long term and my chart is in weekly time, and if you pay attention to the chart, all of them have a shadow from above, and it is a sign of the decline of the sales of the big ones of this digital currency.


I hope you are lucky wherever you are in the world :)