BTCUSD – Could the Bitcoin decline towards $20k ? by DanV on TradingView.com
23 August 2021
BTCUSD - having topped on 14th April at $64,895.22 (on Bitstamp ) its initial decline appears to be a leading diagonal of 3-3-3-3-3 structure completing on 20th July.
The rally since then has approached the proximity of 61.8% retracement around $50k - $52k as potential area of structural resistance, in an abc zigzag accompanied with multiple divergences on momentum indicators suggesting it might be forming a possible top of retracement bounce.
If this holds then retest of July low is very likely. If the next leg bearish leg has price symmetry with the initial leg then this projects possible decline towards $20k upon failure of July low to hold.
Caution: This is my interpretation of price action using TA approach that I consider helps me the most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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DanV