Blocksmith Says: BTC to Crash Even Lower

21 November 2022

Bitcoin at 240 minute level looks be constructing a downside continuation triangle. This is an Elliott Wave theory pattern that consists of 5 three wave moves: A, B, C, D, E, and starts forming typically after a very sharp price drop.

The implications are bearish and once wave E completes (and that will be a final mini up move sucker rally, the pattern is mature and price should crash lower.  This week I am expecting a full scale macro rotation with dollar up and equities, crypto and commodities down.  

Related: Blocksmith Explains: Elliott Wave Theory

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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