News is all over the place stating that Binance is compromised!!
And here, Binance has acknowledged the fault and is looking into it.
Immediately after that, a bearish candle appeared and broke the 200MA and even went down to pierce the upper channel (blue line) and enters into the fibs retracement zone of wave 1.
However the bulls immediately stepped in to push the bears out of their territory. Phew!
As of now, we can see that again the bears are attempting to reach for the channel again.
Now, don't panic just yet!!!
In a broader perspective, we can see that the wave 2 resembles a flat and if so, it's about to finish its wave C correction. (in fact the binance fault accelerated the process)
If indeed our prediction is right, then this is good news for us as wave 3 is coming!
A slight bullish divergence has appeared in the RSI
We should look for price action to CONFIRM our prediction.
If a decisive bullish price action appeared, BTCUSD should go upward continuing it's wave 3 motive wave.
Can the BTCUSD continue downward and become negative?
Totally POSSIBLE!
if BTCUSD continue downward and defile the upper channel decisively, then that will be very negative.
And if BTCUSD continue further and cut right through the Fibs zone exiting through the other side, BTCUSD should fall rapidly toward to bottom of the channel
I have illustrated this possibility in the chart
Look at the red line from the peak of 20k
You can count 5 waves downward, with wave 5 possibly reaching the bottom of the channel.
But for now ....
Don't panic just yet!
Lets wait and see.
And here, Binance has acknowledged the fault and is looking into it.
Immediately after that, a bearish candle appeared and broke the 200MA and even went down to pierce the upper channel (blue line) and enters into the fibs retracement zone of wave 1.
However the bulls immediately stepped in to push the bears out of their territory. Phew!
As of now, we can see that again the bears are attempting to reach for the channel again.
Now, don't panic just yet!!!
In a broader perspective, we can see that the wave 2 resembles a flat and if so, it's about to finish its wave C correction. (in fact the binance fault accelerated the process)
If indeed our prediction is right, then this is good news for us as wave 3 is coming!
A slight bullish divergence has appeared in the RSI
We should look for price action to CONFIRM our prediction.
If a decisive bullish price action appeared, BTCUSD should go upward continuing it's wave 3 motive wave.
Can the BTCUSD continue downward and become negative?
Totally POSSIBLE!
if BTCUSD continue downward and defile the upper channel decisively, then that will be very negative.
And if BTCUSD continue further and cut right through the Fibs zone exiting through the other side, BTCUSD should fall rapidly toward to bottom of the channel
I have illustrated this possibility in the chart
Look at the red line from the peak of 20k
You can count 5 waves downward, with wave 5 possibly reaching the bottom of the channel.
But for now ....
Don't panic just yet!
Lets wait and see.