BTC | Thread ahead of FOMC meeting
As u will see, i‘m still bearish until i see some change... FOMC is tomorrow so i expect the market to be highly volitile, but this is what i‘m looking at right now.
Using eliott waves, i obviously expect lower lows before a move back up. This is the bearish elliot wave count from the top at around 25‘300.
It is also possible to look at this move downwards in a diagonal which would mean A,B,C with C ending at around point (3) putting an early end to the current bearish trend. (Unlikely imo)
A break above the 20‘200 level would not flip me bullish, for me it would only indicate an extended correction from the downside.
This is how i think it will probably play out, what you see here is a little correction to the upside, which would mean thah we are currently in wave (3) with a target of at around 17’200. Putting my target zone at around 16‘000-14‘000
As I said, keep in mind FOMC tomorrow, so i‘m expecting highly volitile markets. I‘d advise to take the day off trading tomorrow. Market is anticipating the absolute worst so mabye the extended correction comes into play.
There are bullish scenarios, but i‘m not going to put them out until we break 22‘100 which is, for me, a highly relevant level (based on fib levels). Good LuckThis post is based on this twitter thread.