$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 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~
