BitcoinLong
$BTC will likely not touch $53k anytime soon.
NOT FINANCIAL ADVICE - FOR YOUR ENTERTAINMENT ONLY
What I like most about this chart is that despite the strong bearish RSI, the price hasn't moved the same magnitude -- aka the bears are diminishing.
My macro bitcoin Elliot Wave analysis is that we're on a Cycle Wave 5 underway (& currently on its Primary wave 3 underway):
Wave 3 is NEVER the shortest.
It is also NEVER a diagonal, aka is always impulsive motive waves.
This means that it is very unlikely that the price will touch 53k or go below (although there is every possibility that this happens, it's probably unlikely) -- and if it did, it'd mean we're on a leading diagonal Primary Wave 1 instead.
Hmmms.
While I do acknowledge thatBTC can still trade lower, we should be meeting our trading range now.
As it is, I'm loving the long daily wick at the bottom: the bulls are slowly coming back, aka demand has reentered the market.
Will more supply meet it though?
Until next time, Happy trading~
What I like most about this chart is that despite the strong bearish RSI, the price hasn't moved the same magnitude -- aka the bears are diminishing.
My macro bitcoin Elliot Wave analysis is that we're on a Cycle Wave 5 underway (& currently on its Primary wave 3 underway):
Wave 3 is NEVER the shortest.
It is also NEVER a diagonal, aka is always impulsive motive waves.
This means that it is very unlikely that the price will touch 53k or go below (although there is every possibility that this happens, it's probably unlikely) -- and if it did, it'd mean we're on a leading diagonal Primary Wave 1 instead.
Hmmms.
While I do acknowledge that
BTC can still trade lower, we should be meeting our trading range now.As it is, I'm loving the long daily wick at the bottom: the bulls are slowly coming back, aka demand has reentered the market.
Will more supply meet it though?
Until next time, Happy trading~
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.
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.