Keeping in view the current overall bullish market sentiment and the recently formed inverted head and shoulder pattern, we can expect the formation of a similar Elliot wave which has already been formed between 23-25 may. There is also a strong support around $36,500 and is very unlikely for the price to fall below this level after such a huge market correction.
If the proposed setup does form, BTC will enter into a new rising uptrend, will be above the montly S2 CPR support and will eventually close above the $40,000 price label after the ABC correction which will take place after completion of the second 5th Elliot wave.
If the proposed setup does form, BTC will enter into a new rising uptrend, will be above the montly S2 CPR support and will eventually close above the $40,000 price label after the ABC correction which will take place after completion of the second 5th Elliot wave.