Bitcoin crashed by 12% in the past few days to 86,800, exactly to the last available support of the whole bull market! This is the last support; otherwise, the bull cycle is over, and we will have a tremendous crash to 40K in 2025/2026. So why is this the last support?
First, we need to look at the price action because bitcoin has been going sideways since November. We can clearly see an expanding triangle on the daily timeframe. Expanding triangles are very uncomfortable patterns for traders, as the whales take liquidity on both sides (buyers and sellers). And this is exactly what happened recently: Bitcoin crashed to 86.800 below the previous swing low and took all stop-loss orders from traders while remaining in the expanding triangle continuation pattern.
Bitcoin really cannot afford another crash; otherwise, the bears will break the expanding triangle, and the bull market will end. Bitcoin must go up right now! I am bullish until the end, and I still see that Bitcoin is in an uptrend. But if the price falls below 86,800, expect 40k later in 2025/2026, so this is the last chance!
What is also bullish? The price is still above the main green trendline. We want to see this trendline hold until the end of the bull market. From the Elliott Wave perspective, the price is starting last wave (5) to finish an impulse wave of higher degree. 125k is a significant resistance because of the 0.618 FIB extension. So, the threat is big for Bitcoin – 125k or 40k? Let me know in the comment section! (write 125k or 40k).
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!yesterday
Note
Bitcoin is staying in the expanding triangle, which is a good sign. Also, we need to look at the 20-weekly moving average (MA). We need to wait for the weekly candle to close, because right now we don’t know if the candle will close below or above the 20MA. This is the first test of this MA.
4 hours ago
Trade active
Trading is active, but in the opposite direction. To me, the bear market is confirmed, and we want to look for the best entry point for our short position on futures. Let’s take a look at strong levels and best levels to open a short position.
I see 3 strong levels.