Disclaimer: this doesn't seem likely, heck I don't even believe in it, but what if?
What if BTC was just correcting from oversold conditions before continuing the second leg of a slow descent?
Elliott Theory tells us that after waves 12345, waves ABC follow. Now, identifying waves 12345 is easy as they are clear as day on the chart. Was 20k to 3k maybe wave ? if so what do we know about corrections? They are fast and swift and they move against the trend. This fits the dynamic that played from 3k to 8.5k. Let's call this wave B. Usually this is followed by wave C............
MFI on the weekly was not this high even in December 2017 and that's saying something.
Stochastic is in the overbough region as well.
RSI is oversold, however, since this is the weekly chart, it could go higher. If it doesn't, however, it could leave a lot of room for a slow bleed down to 2k.
Sentiment is high. People asking when will alt season begin (are you kidding me? BNB from $5 to $28, $81 to $250, LTC $22 to $90, if these past few months were not alt season then I don't know what is. I was able to make all if that wasn't alt season then I would be speechless. So we can say that greed is pretty high at the moment.
ETF was delayed yet again but there really aren't extremely bullish news all around.
Now will a move to 2k happen? I wouldn't bet money on it, however, I don't think that bear market is over. At least not yet, not enough information to suggest that it has. So far indicators point at these past months to bee just a correction. I've enjoyed the right so far and now I move to the sidelines (USDC). If prices go up oh well, less profit for me (but if the bull market has started plenty of opportunities will come), but if prices fall from here then I could wait out and enjoy another bearish phase.
Remember, you have to play the market, don't let the market play you.
Don't follow the herd mentality, use logic and doubt everything, has the bottom been retested? Why resistances were blown at the first attempt? Why hasn't a real correction, even on the daily chart occurred yet? Would it be healthier a steady increase with corrections in between or a fast and strong impulse with no real correction in month? Why are indicators all signaling extremely oversold conditions yet everyone is yelling bull market?
To summarize, there is no (not enough) proof to suggest a bull market is underway. Some indicators make me believe that we are experiencing a correction upwards, before continuing another fall. Couldn't hurt waiting on the sidelines after few months of nice profits, for more profits there will be plenty of opportunities if this is truly a bull market.
What if BTC was just correcting from oversold conditions before continuing the second leg of a slow descent?
Elliott Theory tells us that after waves 12345, waves ABC follow. Now, identifying waves 12345 is easy as they are clear as day on the chart. Was 20k to 3k maybe wave ? if so what do we know about corrections? They are fast and swift and they move against the trend. This fits the dynamic that played from 3k to 8.5k. Let's call this wave B. Usually this is followed by wave C............
MFI on the weekly was not this high even in December 2017 and that's saying something.
Stochastic is in the overbough region as well.
RSI is oversold, however, since this is the weekly chart, it could go higher. If it doesn't, however, it could leave a lot of room for a slow bleed down to 2k.
Sentiment is high. People asking when will alt season begin (are you kidding me? BNB from $5 to $28, $81 to $250, LTC $22 to $90, if these past few months were not alt season then I don't know what is. I was able to make all if that wasn't alt season then I would be speechless. So we can say that greed is pretty high at the moment.
ETF was delayed yet again but there really aren't extremely bullish news all around.
Now will a move to 2k happen? I wouldn't bet money on it, however, I don't think that bear market is over. At least not yet, not enough information to suggest that it has. So far indicators point at these past months to bee just a correction. I've enjoyed the right so far and now I move to the sidelines (USDC). If prices go up oh well, less profit for me (but if the bull market has started plenty of opportunities will come), but if prices fall from here then I could wait out and enjoy another bearish phase.
Remember, you have to play the market, don't let the market play you.
Don't follow the herd mentality, use logic and doubt everything, has the bottom been retested? Why resistances were blown at the first attempt? Why hasn't a real correction, even on the daily chart occurred yet? Would it be healthier a steady increase with corrections in between or a fast and strong impulse with no real correction in month? Why are indicators all signaling extremely oversold conditions yet everyone is yelling bull market?
To summarize, there is no (not enough) proof to suggest a bull market is underway. Some indicators make me believe that we are experiencing a correction upwards, before continuing another fall. Couldn't hurt waiting on the sidelines after few months of nice profits, for more profits there will be plenty of opportunities if this is truly a bull market.