This is a revision of my previous idea.
I now think that BTCUSD is doing a longer ABC correction type of thing.
We now completed the A-wave, and soon BTC will start rising again to the 37k level.
Then, when optimism is high again, a quite brutal sell-off down to the 23k level will begin, completing the C-wave.
There is excellent support at 23k. Why?
Because 23k is the 0.5 fib level of the total move from the 4k corona low to the 42k peak.
Plus, the weekly middle bband will be at around 23k by that time.
I think BTC needs a longer correction because the move to 42k was just severely overshooting the speed BTC should have had.
This is just a theory though of course :)
After the correction, BTC will resume the uptrend, culminating in 100k+ prices in towards the end of the year.
I now think that BTCUSD is doing a longer ABC correction type of thing.
We now completed the A-wave, and soon BTC will start rising again to the 37k level.
Then, when optimism is high again, a quite brutal sell-off down to the 23k level will begin, completing the C-wave.
There is excellent support at 23k. Why?
Because 23k is the 0.5 fib level of the total move from the 4k corona low to the 42k peak.
Plus, the weekly middle bband will be at around 23k by that time.
I think BTC needs a longer correction because the move to 42k was just severely overshooting the speed BTC should have had.
This is just a theory though of course :)
After the correction, BTC will resume the uptrend, culminating in 100k+ prices in towards the end of the year.
Note
B wave target of 38k almost hit.If my theory is correct, we'll then go sideways a while until the C wave down to 23k starts.
Note
This is about to get invalidated. Seems that BTC just doesn't like longer corrections, lol.Instead of an ABC correction, BTC might do a kind of ascending triangle formation:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.