Bitcoin Bulls Brace for Potential Crash
Bitcoin (BTC) has experienced a rollercoaster ride over the past few months, reaching new highs before facing rejection to the downside. While Nick remain bullish in the short term, he warns of potential bearish macro trends ahead.
- Bitcoin hit a new yearly high at $38,45 but failed to materialize expectations.
- A potential truncated fifth wave movement could lead to a move down.
- Support is expected between $37,000 and $37,274 before moving up.
- Corrections are expected before reaching the $40,000 range.
- Bearish macro trends are anticipated once the current structure completes.
Analyzing the 1-hour timeframe, Nick highlights the new yearly high at $38,45. However, expectations between $38,547 and $38,817 didn’t materialize, suggesting a potential truncated fifth wave movement. This could lead to a move down, finding support between $37,000 and $37,274 before moving up again.
Smart Money Concepts:
Nick examines smart money concepts, noting that Bitcoin has lost the 50 EMA and 50 SMA but is heading towards the 200 EMA. Momentum still looks okay, correcting on the stochastic RSI.
Elliot Wave Theory:
Examining various timeframes, Nick notes corrections and overbought conditions. Corrections are expected before reaching the $40,000 range, following Elliot Wave Theory.
Bearish Macro Trends:
Nick anticipates bearish macro trends once the current structure completes. This is indicated by decreasing volume profiles as the price goes up.
The weekly standpoint shows an ascending wedge, but Nick anticipates a bit more upside. Bitcoin is overbought on the weekly and monthly, but smart money concepts remain bullish.
Fair Value Gaps:
Fair Value gaps are noted, indicating potential market shifts. These gaps could indicate areas where the price may find support or resistance in the future.
While Nick remains bullish for now, he is cautious about potential macro bearish trends. Nick encourages viewers to like the video and subscribe to the channel for more updates.
- Nick mentions the Discord community for crypto discussions.
- The video includes a video analysis of recent price action and future predictions.
Overall, the video provides a comprehensive analysis of Bitcoin’s current market conditions and potential future movements. Investors should carefully consider the information presented and make their own informed decisions.