A look at BTC weekly
Updated
From weekly chart it can be said that BTC is finally going to complete a 5 stage Elliot impulse wave. From a pure technical analysis point of view, BTC's 55 week MA is looking to turn towards the bottom, and with the Feds raising interest rates and the possibility of war between Russia and Ukraine, it can be said that public sentiment isn't exactly at the most bullish at the moment. However, keep in mind that smart people have already sold their coins early when they caught wind of the news and are in fact looking to buy, and people who sell their shares now are just going to FOMO back in when the price actually does go up. No one can predict where the bottom is but just know that BTC has strong support at 33k and even stronger support at 30k so if price does fall to that zone, do not panic sell. We may be in for a long winter but you should never panic when the fear and greed index is at its lowest.
Note
BTC is going to test 33k support. It's possible that we will see some big volume buys here. Keep looking at the volume.Note
Took a look at BTC's supply dynamics on glassnode, and I saw that the illiquid supply of BTC is at a fairly low level. The amount of BTC in exchange platforms is also at an all time low. This does imply that HODL demand for BTC is strong. While it doesn't mean BTC will turn bullish immediately as it hits critical support level it is possibly a excellent short to mid term buying opportunity.
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