Feels like the bleeding is almost done (unless some crazy black swan event happens).
Another test and hold of $40K will set us up to break overhead resistance and begin another push upward. I'm not so perma-bull to call new ATHs anytime soon, as the EW wave count was just obliterated by that punch sub-
52K, but another test of $60,000 range is likely in the coming months.
Always play devil's advocate to yourself and be prepared for a contrarian move, but given MANY indicators (2D MFI, extreme fear, 2 month+ sell-off, dwindling exchange supply, etc), it's very possible green lights ahead.....
Another test and hold of $40K will set us up to break overhead resistance and begin another push upward. I'm not so perma-bull to call new ATHs anytime soon, as the EW wave count was just obliterated by that punch sub-
52K, but another test of $60,000 range is likely in the coming months.Always play devil's advocate to yourself and be prepared for a contrarian move, but given MANY indicators (2D MFI, extreme fear, 2 month+ sell-off, dwindling exchange supply, etc), it's very possible green lights ahead.....
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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.