$BTC - Weekly TF Analysis
2 possible paths for BTC but in the short to medium term, they both lead the same way.
We may see a reversal here but we need to clear 57k then 62k then 68k before im convinced this is wave 3 of primary wave 5.
If we get rejected below those levels, i'll be looking for a move down to 3500 if not 3200. As long as we are above 28800 the bull count is still valid. If we fall below that, then 25000 becomes more likely.
The weekly RSI is also at historical bounce levels. The only times it has fallen below 40 was during the 2020 covid crash and the 2018-2019 bear market.
One noteworthy thing is that the fib time extensions from the top of ATH to the first reversal (W) on June 21, 2021 has predicted the pivots perfectly so far. Based on this, the next fib the 5 which occurs on 28 march 2022
We may see a reversal here but we need to clear 57k then 62k then 68k before im convinced this is wave 3 of primary wave 5.
If we get rejected below those levels, i'll be looking for a move down to 3500 if not 3200. As long as we are above 28800 the bull count is still valid. If we fall below that, then 25000 becomes more likely.
The weekly RSI is also at historical bounce levels. The only times it has fallen below 40 was during the 2020 covid crash and the 2018-2019 bear market.
One noteworthy thing is that the fib time extensions from the top of ATH to the first reversal (W) on June 21, 2021 has predicted the pivots perfectly so far. Based on this, the next fib the 5 which occurs on 28 march 2022
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