BTC bottom
Hello everybody,
If you haven't watched it yet, I suggest you watch the stream I have released 4 h ago on BTC and the market condition.
This is a quick recap.
Since my video yesterday explaining why I thought this was the bottom, BTC had a great reaction to the 5-month uptrend support. I know some of you may be salty because I was calling the bottom between 55500 and 58k. However, unfortunately, unexpected events cannot be predicted, not with TA, AI or anything else. Nobody could expect a new variant would be discovered.
Hence the drop of the 26th November.
BTC looks strong and healthy. It has printed a tower bottom pattern on the 4h (ellipse). Finally, we have seen some good volume picking up on support, suggesting that investors are scooping up BTC at cheap prices. As you can appreciate, I have updated here the Elliott Wave analysis. BTC is now completing an EW triangle after the classic wave E marking exhaustion from the seller and with a complete shift of sentiment into bearishness contemplating lower prices (wrongly)...masses are always wrong at the extremes hence the saltiness. BTC is oversold in all the timeframe up to the daily suggesting trend continuation (uptrend). The Stoch RSI on the weekly is in the process of resetting after this last dip (bullish).
It is wise to wait for a complete breakout of the descending wedge to start being completely bullish and clear the area between 58-61 k area, which has a confluence of resistances. Nevertheless, personally, I am now eying 66500 for BTC, where I will expect one last small retracement before breaking 70k for a new all-time high.
Check out my previous stream for a complete analysis of BTC with many insights.
FOLLOW ME, SHARE, LIKE AND COMMENT
If you haven't watched it yet, I suggest you watch the stream I have released 4 h ago on BTC and the market condition.
This is a quick recap.
Since my video yesterday explaining why I thought this was the bottom, BTC had a great reaction to the 5-month uptrend support. I know some of you may be salty because I was calling the bottom between 55500 and 58k. However, unfortunately, unexpected events cannot be predicted, not with TA, AI or anything else. Nobody could expect a new variant would be discovered.
Hence the drop of the 26th November.
BTC looks strong and healthy. It has printed a tower bottom pattern on the 4h (ellipse). Finally, we have seen some good volume picking up on support, suggesting that investors are scooping up BTC at cheap prices. As you can appreciate, I have updated here the Elliott Wave analysis. BTC is now completing an EW triangle after the classic wave E marking exhaustion from the seller and with a complete shift of sentiment into bearishness contemplating lower prices (wrongly)...masses are always wrong at the extremes hence the saltiness. BTC is oversold in all the timeframe up to the daily suggesting trend continuation (uptrend). The Stoch RSI on the weekly is in the process of resetting after this last dip (bullish).
It is wise to wait for a complete breakout of the descending wedge to start being completely bullish and clear the area between 58-61 k area, which has a confluence of resistances. Nevertheless, personally, I am now eying 66500 for BTC, where I will expect one last small retracement before breaking 70k for a new all-time high.
Check out my previous stream for a complete analysis of BTC with many insights.
FOLLOW ME, SHARE, LIKE AND COMMENT
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