Bitcoin: Is the 50k run over for now?

22 Agu 2021

In term of Elliot wave count, I think we are already finished with the wave at 49,800. And now we should be entering the correction area. And since this will most likely be a major correction, I would be expecting 42k by Friday. Right now as we can see, bitcoin price seems to be making a head and shoulder pattern as well. If we break 48,600 we should be seeing a significant drop (completing the head and shoulder as well as the bart simpson pattern). Thus, I am leaning toward we are falling rather than achieving 50k today.