Bitcoin (BTC) - Long (24-05-2021)
HIGHLIGHTS
Bitcoin's (BTC) price completed the fifth impulsive waves (by the EW theory)
IN DETAILS…
In the last couple of days, there was a lot of FUD and all kinds of news. Fundamentally that was a time when the market gets rid of the weak hands, people that were late for the party.
From a technical point of view, a correction had to appear. Correction as this one takes place at least once a year as we can see from the past. Many people started to see $25 000 as the target for the drop, based on their weak emotional state and irrational thinking.
From what I can see the correction is already done, we made a double bottom formation and finished the 5 impulsive Elliot Waves. The recovery to $50 000 could take around 2 weeks. If the trend goes above $42 000 to $45 000 price level will confirm the idea.
CONCLUSION
Bitcoin's (BTC) price made a double bottom and will try to retest price level of $45 000.
BTCUSD
Bitcoin's (BTC) price completed the fifth impulsive waves (by the EW theory)
IN DETAILS…
In the last couple of days, there was a lot of FUD and all kinds of news. Fundamentally that was a time when the market gets rid of the weak hands, people that were late for the party.
From a technical point of view, a correction had to appear. Correction as this one takes place at least once a year as we can see from the past. Many people started to see $25 000 as the target for the drop, based on their weak emotional state and irrational thinking.
From what I can see the correction is already done, we made a double bottom formation and finished the 5 impulsive Elliot Waves. The recovery to $50 000 could take around 2 weeks. If the trend goes above $42 000 to $45 000 price level will confirm the idea.
CONCLUSION
Bitcoin's (BTC) price made a double bottom and will try to retest price level of $45 000.
BTCUSD
Related publications
Disclaimer
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.