Bitcoin is still bearish! for WHITEBIT: BTCUSDT by SkyrexTrading – Technical Analysis – 2022-12-11 17:43:58

Hello all!

First of all, I have a message for the haters and trolls. You can laugh at me I was sure of that bitcoin The price is not going to break $17,080, but it did. I admit my mistake and understand that I should continue to study chaos trading or some other approach if it doesn’t work. My goal with this blog is to show you the trader’s method. I guess most of you still remember my stupid opinion that $26k bottom was based on absolutely nothing so I wasn’t aware of that Elliott waves analytics. I can now correctly forecast most of the major moves, but on the local timeframes I’m still a noob.

It’s time to analyze the market. Let’s take a look at the 4 hour time frame BTCUSDT WhiteBit exchange scheme. First of all, let’s note Supply and demand lines (or Support and resistance trend lines if you want). bitcoin He easily reached the demand line, but did not have enough energy to reach the supply. It is a sign of weakness. If the price does not break the local high of $17,400 the next day, I will use it Elliott waves The scenario indicated in the diagram. The pump that got me back in the books might be the hard wave 2, and if that’s the case, the impulsive discharge is about to happen.

If the price breaks $17,400, I will trace the waves again and think about my mistake. what about work? I’m short of $17,300 – good entry, that’s why I don’t want to close this position and will improve it on the new pump condition.

Sincerely, Evan

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