AT CryptoScan - BTCUSD starting to bottom consolidate?
From the Nov 15 post,
"There is a 3 wave structure to get an ultimate Lower Low; this is then followed by a recovery to the middle Lower Low range (yellow box) and a breakout above that level (lime green ellipse) is accompanied by a MACD crossover into the bullish half, as well as the VolDiv crossing over the zero line. Uncannily, this has happened at least twice before, and the current set up appears to be building similarly.
... ...
So, 13K , 19K, 20K are levels to watch in December 2022 and Jan 2023."
Clearly to address... the Lower Low (LL). It was a bummer, with a LL that was only a couple of hundreds lower; but yes, it IS a Lower Low nontheless. It did not even stretch to a 13K low at all.
Should there be a lower low to the target of about 10K as projected previously?
I think that the failure to breakdown is indicative that there might be a bottom consolidation at the moment.
Very importantly, IF BTCUSD can close Sunday above 17.5K, and breakout of the yellow box, it has a decent chance. For now, the technical indicators are slightly favourable IMHO. I would certainly prefer to see some commitment, but it is not showing - yet.
Having said that a breakdown to close the day below 16K, then that invalidates the above.
"There is a 3 wave structure to get an ultimate Lower Low; this is then followed by a recovery to the middle Lower Low range (yellow box) and a breakout above that level (lime green ellipse) is accompanied by a MACD crossover into the bullish half, as well as the VolDiv crossing over the zero line. Uncannily, this has happened at least twice before, and the current set up appears to be building similarly.
... ...
So, 13K , 19K, 20K are levels to watch in December 2022 and Jan 2023."
Clearly to address... the Lower Low (LL). It was a bummer, with a LL that was only a couple of hundreds lower; but yes, it IS a Lower Low nontheless. It did not even stretch to a 13K low at all.
Should there be a lower low to the target of about 10K as projected previously?
I think that the failure to breakdown is indicative that there might be a bottom consolidation at the moment.
Very importantly, IF BTCUSD can close Sunday above 17.5K, and breakout of the yellow box, it has a decent chance. For now, the technical indicators are slightly favourable IMHO. I would certainly prefer to see some commitment, but it is not showing - yet.
Having said that a breakdown to close the day below 16K, then that invalidates the above.
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