BTC Wave Action through June 18. Near-term projection of $16500

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BTC falls to $17605 USD, the lowest level since December 2020. Price action is following the Elliot Wave model fairly closely, which allows us to project the movement over the next couple days.

Observations

• Violality in price movement remains high as the spreads between bid and asks become large in a sell-out bear market. More sell at market prices and buy to close at market.
  
• BTC dropped to 17605USD this evening
  
• Wave analysis shows the movement of the price today follows the Elliot model fairly well (5 wave up, 3 wave correction)
  

Remarks
If trading sentiment remains similar through this weekend, it appears BTC will trend to $20500 at the end of a current A-B-C correction wave (extrapolated on the graph) to the 3 year low. This suggests that if the price fall below $19470, this will be a good entry to open a short position with a projected decline towards $16500. With a stop limit could be placed at $20500.

Disclaimer: These are observations of market data, and should not be taken as financial advice about investing in BTC or any other holdings.

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ملاحظة

Ignore the Price Channel Strategy - forgot to remove it.

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ملاحظة

Price action has confirmed the above observation. ABC correction wave reaches $20500.

The next projected movement will be a downtrend towards $16500, should the price begin to fall below $19470 level (which is the 3-4 pivot from the previous Elliot wave on the 15-min timeframe).

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ملاحظة

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ملاحظة

The next major 5-3 wave is observed. This may bring BTC to about 18750 to 19100.

On the 15-min:

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ملاحظة

On the 1m: