Long

The Bottom is in.

Updated

I'll publish another chart in the update that includes the daily or weekly chart showing the full 5 waves.

The correction has taken us to the 38.2% retracement level. I believe the bottom is in. There is a small chance we go down to the 50% level, but based on the RSI & MACD on the 4 hour chart above, I believe that is a 1% or lower possibility.

Lower lows on price, higher lows in RSI, and a very small difference in the MACD, despite being very low (but trending upwards).

This leads to explosive price action. Be ready, and HODL

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This is the snapshot showing the completed wave.

I believe a realistic price target will either be 135K or 250K, as per my other projection linked below. Based on what has transpired so far, it's looking like 250K is the much more likely target.

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As long as BTC bounces above 40K, I believe that we will hit 60Kish around the end of the first week of June or second week of June.

The bullish divergence in the RSI, as well as the accelerating MACD are indication that this will happen as quickly as it dropped (roughly 2-3 weeks).

I am very confident in this call, and it would be a good idea to buy on the breakout.

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Bullish divergence after a period of consolidation. It appears that we are right on target to get back to the 60Kish area around June 9-16

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This could be it. June 2nd at close.

If the channel holds, we're heading towards the apex for the BIG BREAK. Whether we break up or down remains to be seen. Be ready. Don't miss this.

I believe we will break up, based on MACD/RSI divergence + increasing volume as we're headed to the apex. However, it is entirely possible that we break down.

If we break out, then by the end of June, we'll most likely be at or near all time high.

If we break down, this bull market will be much more similar to 2013, than 2017.

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alternative.me/crypto/fear-and-greed-index/

Check out the fear and greed index. Every time we are this low, we have a huge break out. Let's see what happens on June 2nd.

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Assuming I'm right about the breakout on Wednesday June 2nd, I believe by the end of June we'll be at/near all time high. Definitely by July.
If the channel fails to hold, I'll have to reevaluate.

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s3.tradingview.com/snapshots/j/j0tlwERn.png
Spinning top on BTC 2 day chart with increasing volume as we approach the apex of the triangle.

Confluent reasons to add to spinning top/increasing volume:
1. MACD crossover on daily chart
2. Bullish hidden divergence in RSI on daily chart
3. BTC is trading in an uptrending triangle heading to the apex, which would be close June 2nd - tomorrow.
4. Fear and greed index
-> alternative.me/crypto/fear-and-greed-index/

Look at all the times the fear and greed index was low. Shortly thereafter, BOOM

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Forgot to add this to list of confluent reasons for breakout.

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Edit: 2 comments above this one
Reason #3 is it's heading in an uptrending channel, not triangle.

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Spinning top on 15 min chart less than 24 hours from estimated breakout/breakdown point. Looks very very bullish.

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Can't believe I didn't spot this earlier. Very Very confident that we break out this trading day.

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WE BROKE OUT. GO GO GO GO GO TO THE MOON

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BAM! CALLED IT.

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I believe this is the most accurate analysis. Either way, I'm bullish. Very.

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We hit 50K most likely in June, possibly July.
We will hit 40-45K within the next week or two.
In a VERY bullish scenario, we hit 50K in that time frame.

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There is obviously a possibility that we break down, but based on all the reasons listed in the article, I believe it is HIGHLY UNLIKELY. We will have another BIG DROP, later in this bull run, but not now.

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We were in a descending wedge, which tends to break out to the upside.
We broke out, and formed a H&S pattern, which held true.
We broke down into a descending wedge, which tends to break out to the upside.
We're now in a channel.

Target for a descending wedge is the price at which the wedge began. ~51.3K

johnmslee

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