BTC Prolonged Correction Incoming
Updated
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We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term:
1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise)
2. 8hr chart failing 55EMA.
3. BTC downward channel
4. 5 Elliot waves to the upside likely over
5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
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🌐 We believe in the power of blockchain data analysis!
=====================================================
We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term:
1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise)
2. 8hr chart failing 55EMA.
3. BTC downward channel
4. 5 Elliot waves to the upside likely over
5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
=====================================================
🌐 We believe in the power of blockchain data analysis!
=====================================================
Note
CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. This makes it very hard to argue the short-term bull side.
Note
Weekly outlook now updated!
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