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From the perspective of Elliott Wave theory, Bitcoin has completed the construction of a global bullish wave and has already begun the development of a bearish trend. It is assumed that the combination wave [X] has been completed, taking the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). Bulls lost all their strength upon reaching the level of 44,642.56. Thus, in the last segment of the chart, we can observe the construction of a new downward trend.
The market has likely started building an impulse wave, which will mark the beginning of a large zigzag. The indicated impulse is marked with red sub-waves 1-2-3-4-5, and its possible structure is depicted with trend lines. The first two small sub-waves 1-2 for today are completed. Accordingly, market participants may expect a drop in sub-wave 3 in the coming trading days.
In the current situation, opening short positions can be considered, as the third waves in impulses are usually the largest and most powerful. The nearest target where the price may fall is the low of 40,173.07, marked by sub-wave 1.
Trading recommendations: Sell at 42,990.87, Take profit at 40,173.07.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
