80% Probability of Decline to $7,500 Support
Simple. Lunar phase analysis implies an 80% probability of sell-offs occurring around the time of full moon. Support is evident at $7,500 at the intersection of the purple TL, 200 day MA and horizontal S&R at a previous wave high. 1day MACD is declining below its zero line for the first time in years.
The 20% probability of advance cannot be ruled out. In this case the upper purple TL should be the target near $15,000, but the weight of technical indications point to the downside at this time.
The 20% probability of advance cannot be ruled out. In this case the upper purple TL should be the target near $15,000, but the weight of technical indications point to the downside at this time.
If the market does not push through $12k then $2,000 can print. Elliott Wave count from the ATH will be ABCDE. Whether that will be the completion of correction or just its larger degree wave [A} remains to be seen.