BITCOIN (BTCUSD) Wave Analysis! Key Point Ahead!

1 Mei 2020

hey guys,

here are some thoughts based on daily timeframe price action!
simple wave analysis reveals a clear picture to us:

from july 2019 the market is trading in a bearish trend.
with a sequence of the lower lows and lower highs, each new bearish wave pushes the market to new structure lows.

on focus is 10000 - 10500 area.
we should pay attention to that for two main reasons:

it is the zone of the last two lower highs and chances are very high that a new bearish wave will be started from that area.

moreover, according to common technical rules, in case of a bullish breakout of the underlined zone to the upside,
bearish trend will be violated and we can state a major shift in bitcoin price action,

for now, still, keep calm! the trend is still bearish and be prepared for a bearish reaction.
no need to jump in, trying to catch a bullish wave! too late! it is too high risk to be involved.

good luck!