We are now taking a look at the 4h BTCUSD Chart. Bitcoin seems to have run out of options. The drop seems inevitable now, and it's gonna take something like a miracle for this to have a bullish ending anytime soon.
In the previous chart D4 illustrated how we were caught in a smaller bear flag inside a bigger bear flag . And D4 was indeed right, when he predicted, we would go further down. Few minutes ago we were squeezed into a descending triangle , with the downtrend line as huge resistance, and it was just a matter of time before we fell even lower. Let me also draw your attention to the bearish MACD-Cross.
Let me be straight honest with you guys. We don't really see any bullish signs at the moment. Everything is pointing in the direction that we still need a bigger correction. D4 has counted the Elliot Waves for you. After the flat irregular ABC-correction we tried to restart a new EW-Cycle. But a failure stopped that quickly. We will now have an add-on to the corrective pattern.
The next support level is around 8,200 USD, where we will see a smaller bounce. But it's very unlikely due to all the FUD lately that it's enough to make a real reversal. We will probably go gown to around 7,200-6,900 USD (which is equal to a retracement), where we once again will try to restart an Elliott Wave Cycle. At this moment, D4 will believes there is a 30 % chance that this scenario will succeed.
If not we will go even lower and test the orange support level , which is around 6k, which give us an almost 100 % retracement.