Merc_Josh

Merc_Josh

It's October, or as seasoned traders like to call it, "Uptober." But why is it called that? Since 2013, 80% of Octobers have seen Bitcoin in an upward trend. Bitcoin has a tendency to follow a consistent pattern during October, November, and December, especially following a green September. This year’s green September is particularly noteworthy as it’s only the...

Merc_Josh

It's me again, and the crypto market is in a state of panic. We've exited the consolidation phase, indicating bearishness and a distribution phase. However, as I mentioned in my previous post, the market remains in an uptrend, and the Halving and ETF still offer significant bullishness. According to Elliot wave principles, a major retracement is logical given the...

Merc_Josh

This week has brought positive developments in the market, with three significant events occurring: 1. We broke out of the June channel 2. We returned to the consolidation zone 3. We broke out and tested the November channel These developments suggest that the bulls have regained control. As we remain in the consolidation zone, our current target is $72,000, and...

Merc_Josh Updated 

Since November 2022, Bitcoin has been on a remarkable bull run, and a minor correction is overdue. Observing the chart, we've been trapped in a consolidation phase for three months, with resistance at $72,000 and support at $60,000. While some "crypto gurus" predict a continued upward trend, the chart will ultimately decide. Notice the parallel channel (Jun...