elliot 5 or OBO?
Bitcoin / TetherUS BINANCE:BTCUSDT
Hello everyone, I was in a big dilemma while reviewing this chart today. There are 2 patterns clearly visible on the chart. one of them is the Elliot Wave Principle and the other is the OBO formation. According to Elliot, we have come to the end of wave 4 because wave 4 cannot enter the price area of wave 1, from here, wave 5 must start and target 32K. However, according to Bookmap data, there is a lot of selling pressure at the 26800-26900-27000-27200 price levels. A voluminous breakdown can easily lead us to the elliot target. Institutions also need to be involved. On the other hand, the OBO formation does not go unnoticed, if the price breaks the 26500 support strongly (because there are too many buyers at the 26700 and 26600 levels), a journey to the 23200s can begin according to the OBO. According to macro data, Germany’s recession and the US’s debt and banking crises may shift people to BTC and gold as a safe haven. As a result, elliot works on this chart and we can take a breather in the short term.