As it turned out the jump in price on Sunday was a dead cat bounce scenario. Using BTC weekly chart I can with a good degree of certainty
that the final floor for this bear will be around $3100.
that the final floor for this bear will be around $3100.
Comment:
I published my latest finding based on a weekly chart. If BTC were to break further than the Sunday's low of $3500. With a high degree of probability, it should touch that weekly 200 EMA before rebound. There are three scenarios here.a) BTC could be a wave 4 now and the next wave will bring us to that $3100 floor with wave 5 or b) BTC is actually on count 5 of wave 5 and that floor could be around $3100 that coincide with the 200 weekly EMA. or c) BTC could be testing that previous low of $3500 for a possible double-bottomed setup.