Coiner-Yadox
Coiner-Yadox 2 minutes reading from Bitcoin

Why I like Ending diagonal/fall, 2019 Highs + 2019

btc btcusd

EW:

As long as we don't break 14k (2019' high), I still think the most likely scenario is this: 2 years expanding flat correction, where we are close to the end

Finishing with a possible ending diagonal /falling wedge (indication that the trend is exhausted)

btc btcusd

Zoomed in, this could fit the ending diagonal scenario imo

Ok now a small explanation of WHY I like this ending diagonal scenario They are found at the termination points of larger patterns (here the 2 years expanding flat ABC shown above), indicating exhaustion of the larger movement

Now, if we just use our brains and not EW. LUNA 3AC FTX giga contagion all the industry is on its knee. We've got such a massive wave of selling, which would agree with the seller exhaustion of an ending diagonal, indicating we are nearing the end of this trend down

If we take this example, there is a possibility we could be somewhere around here, it sounds plausible to me

@dpopov7 Yeah visually my 4 is below 1, that's dumb of me

If we get below 14k, it would be invalid, and then I currently have no idea how it would work based on EW 🤔

This post is based on this twitter thread.

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