My analysis is based on moving averages 50/200 in weekly and monthly time frame trendline rsi divergence and elliot waves theory and with detailed insight on fundamentals
According to analysis 65 k top was the completion of wave 5 in this super cycle as calculated in earlier analysis also and now we are in the ABC correction phase where we will complete wave A at 200 weekly moving average or we can say 50 monthly MA which are almost equal then we will start wave B which will retrace to 0.382 minimum and maximum 0.618 which is also the top trendline and after which we will correct to wave C which will be 0.786 of complete cycle to mark the end to this cycle this will also justify the divergence we can see in the monthly chart of bitcoin and start a new cycle which will be a super bullish 10 years cycle making 1 million target so feaseble and easily achiveable
On the fundamental side completing this correction is very important for entry of institution as we still know that major holding of btc Is in retail hands and to shake them out is very important for institution they would never let their hands less profitable with any asset thus this shakeout is very important to remove weak hands and retails from the game and gain monopoly for institution in crypto market with achieving highest stack in btc which is the parent currency
If you liken the analysis do share and like
Disclaimer
This is just my view and analysis I could be totally wrong or spot on perfect this is not a financial advice please do your own research first before investing or trading
According to analysis 65 k top was the completion of wave 5 in this super cycle as calculated in earlier analysis also and now we are in the ABC correction phase where we will complete wave A at 200 weekly moving average or we can say 50 monthly MA which are almost equal then we will start wave B which will retrace to 0.382 minimum and maximum 0.618 which is also the top trendline and after which we will correct to wave C which will be 0.786 of complete cycle to mark the end to this cycle this will also justify the divergence we can see in the monthly chart of bitcoin and start a new cycle which will be a super bullish 10 years cycle making 1 million target so feaseble and easily achiveable
On the fundamental side completing this correction is very important for entry of institution as we still know that major holding of btc Is in retail hands and to shake them out is very important for institution they would never let their hands less profitable with any asset thus this shakeout is very important to remove weak hands and retails from the game and gain monopoly for institution in crypto market with achieving highest stack in btc which is the parent currency
If you liken the analysis do share and like
Disclaimer
This is just my view and analysis I could be totally wrong or spot on perfect this is not a financial advice please do your own research first before investing or trading
