We have reached the target 3200 as expected. I think the time to retest 4000, 4150 W1 EMA200 and 4400 prev high in an upwards correction will come soon as more buyers step in.
SEC ETF deadline is postponed once again to Feb 27 as expected - no surprise runs any time soon.
bullish:
- oversold on W1 again
- almost touched W1 SMA200 support
- divergence forming on H1, H4, D1 RSI and H4, D1 EWO
- EMA 12x26 cross on H1 and on H4 soon
- seems like wave 5 of C/Y is in (could go lower though)
bearish:
- sell volume is rising but it is also falling compared to the first leg of the drop, so it could mean absorption before reversal
- DJI/SPY can still go lower to complete an ABC correction. If SPY closes below 253 we may have a deeper correction towards W1 EMA200 (240) while going below that could mean a recession.
And recession will be catastrophic for all things crypto because people will have other things to think of: mortgages and forclosures, losing their jobs, defaulting on loans, bankruptcies etc causing a domino effect.
Good news: As RSI Bands show, divergence on D1 can't be invalidated - requires a drop to prev D1 RSI low 10, which translates to zero Bitcoin price - not possible.
This means that we're near this year's bottom. Even if there's one more leg down, no matter how deep it is, we will definitely go up after that.
Bad news: technically we could drop to 2750 first.
red and green arrows represent the 2 scenarios that I see.
Good Luck!
Please don't trade based only on my analysis. This is not a financial advice. Do you own research to confirm.
SEC ETF deadline is postponed once again to Feb 27 as expected - no surprise runs any time soon.
bullish:
- oversold on W1 again
- almost touched W1 SMA200 support
- divergence forming on H1, H4, D1 RSI and H4, D1 EWO
- EMA 12x26 cross on H1 and on H4 soon
- seems like wave 5 of C/Y is in (could go lower though)
bearish:
- sell volume is rising but it is also falling compared to the first leg of the drop, so it could mean absorption before reversal
- DJI/SPY can still go lower to complete an ABC correction. If SPY closes below 253 we may have a deeper correction towards W1 EMA200 (240) while going below that could mean a recession.
And recession will be catastrophic for all things crypto because people will have other things to think of: mortgages and forclosures, losing their jobs, defaulting on loans, bankruptcies etc causing a domino effect.
Good news: As RSI Bands show, divergence on D1 can't be invalidated - requires a drop to prev D1 RSI low 10, which translates to zero Bitcoin price - not possible.
This means that we're near this year's bottom. Even if there's one more leg down, no matter how deep it is, we will definitely go up after that.
Bad news: technically we could drop to 2750 first.
red and green arrows represent the 2 scenarios that I see.
Good Luck!
Please don't trade based only on my analysis. This is not a financial advice. Do you own research to confirm.
We have reached the -23.6 and -1 algo targets (3260) and can still go further to -0.618 (2900) and ultimately to a larger -23.6 (2750).
The highest we can go right now is EMA100/blue pitchfork band (~3500), but so far, it doesn't look good for wave iv, we have:
- a rejection from EMA50
- a rejection from EMA12,26
- closed below middle BB
- sell volume starts to rise again