BTC/USDT. Bull or Bear? So what's next? Long from 15th of November.

1 year(s) ago
figure #1
"Bitcoin is heading towards $70K. The key level is at $52K, below which it is better not to fall"

The chart shows two scenarios from the point of view of the Elliott Wave Theory.

Let's start with the one marked in red.

This scenario implies that we are in a correctional cycle that can show in the form of a "flat", this implies a construction in the form of ABC + ABC + 5 waves or impulse. You can also simplify this and call it 3 - 3 - 5. As you can see, we already have 2/3 of this combination, i.e. it remains to see a downward impulse, which will end in the 30k region. This scenario will be more relevant if the price goes below 52k for one bitcoin or below the level on the chart, which is marked in black.

The second scenario is marked in green.

This scenario assumes that Bitcoin will continue to move up to the target area marked with a red rectangle (this is the 70k - 90k area) But in this case, the price should not go below 52k or below the level on the chart, which is marked in black.

To summarize, now there are more chances for the scenario, which is marked in green.

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