2 Simple items to point out on this chart.
First, at today's low, Bitcoin was the closest it has come to its 200 day Simple Moving Average since the halving last May 2020. At today's low, bitcoin was a mere 5% higher than the moving average. In a bull trend, the 200 SMA is considered longer-term support. The 200 SMA is near $39-40k now.
Secondly, there is a simple equal wave pattern where the second leg lower was equal to the first leg lower. In Elliott Wave terms, that is considered a zigzag and most of the time is completely retraced. This suggests new highs are coming soon.
Good luck out there!
First, at today's low, Bitcoin was the closest it has come to its 200 day Simple Moving Average since the halving last May 2020. At today's low, bitcoin was a mere 5% higher than the moving average. In a bull trend, the 200 SMA is considered longer-term support. The 200 SMA is near $39-40k now.
Secondly, there is a simple equal wave pattern where the second leg lower was equal to the first leg lower. In Elliott Wave terms, that is considered a zigzag and most of the time is completely retraced. This suggests new highs are coming soon.
Good luck out there!
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress