BITCOIN Approaching Bottom: Next LEG-UP soon
Here's a comprehensive analysis on BTC performed on a daily time-frame and we will observe how the price development exhibit fractal properties over time. Also, we'll speculate upon the factors (listed below) which will lead the price to it's next possible New All-Time-High ( ATH ).
Bitcoin has been retracing since 10th November and is currently in a re-accumulation phase where the major whales are BTFD. As for the price action, it was already weak but was further weakened by the news - the most heavily mutated version of COVID found in South Africa due to which everything crashed including stocks and oil. So these are the key factors which can lead BTC towards a New ATH:-
(i) The price fractal illustrating how BTC rallies after every MACD Bullish Crossover below the base-line (refer to the dates of Crossovers) and the next Crossover can take place within a week or so.
(ii) As per the Elliott Wave Principles, we are currently riding the 4th WAVE and acording to the rules the WAVE 4 can never enter the price territory of WAVE 1 which in this case is $52k level and WAVE 5 will definitely push the price to a new ATH but if we dip further, the waves get invalidated.
(iii) The formation of CUP-HANDLE pattern and right now the price is developing within the handle (descended congestion area), after which the price normally surges upside breaking the "LIP" (the resistance zone).
(iv) FEAR AND GREED INDEX - Extreme Fear (21 -> 27) and we all know what happens after the market sentiments hits EXTREME FEAR 🚀
(v) The price movement seems to respect the UPTREND LINE (slanted white line). However, if broken then we can see price further collapse to lower levels ($51.6k -> $50.2k -> $49.5k).
(vi) The price is in uptrend since 20th JULY forming Higher High (HH) and Higher Low (HL) and it seems every HL takes support on an important FIB level (0.5) and then advance.
The overall analysis is more of a speculation of the price development rather than the prediction of the price projected in the future. Few of these theories are work in progress and probably they may get nullified. Feel free to share your thoughts on BTC in the comments below.
Bitcoin has been retracing since 10th November and is currently in a re-accumulation phase where the major whales are BTFD. As for the price action, it was already weak but was further weakened by the news - the most heavily mutated version of COVID found in South Africa due to which everything crashed including stocks and oil. So these are the key factors which can lead BTC towards a New ATH:-
(i) The price fractal illustrating how BTC rallies after every MACD Bullish Crossover below the base-line (refer to the dates of Crossovers) and the next Crossover can take place within a week or so.
(ii) As per the Elliott Wave Principles, we are currently riding the 4th WAVE and acording to the rules the WAVE 4 can never enter the price territory of WAVE 1 which in this case is $52k level and WAVE 5 will definitely push the price to a new ATH but if we dip further, the waves get invalidated.
(iii) The formation of CUP-HANDLE pattern and right now the price is developing within the handle (descended congestion area), after which the price normally surges upside breaking the "LIP" (the resistance zone).
(iv) FEAR AND GREED INDEX - Extreme Fear (21 -> 27) and we all know what happens after the market sentiments hits EXTREME FEAR 🚀
(v) The price movement seems to respect the UPTREND LINE (slanted white line). However, if broken then we can see price further collapse to lower levels ($51.6k -> $50.2k -> $49.5k).
(vi) The price is in uptrend since 20th JULY forming Higher High (HH) and Higher Low (HL) and it seems every HL takes support on an important FIB level (0.5) and then advance.
The overall analysis is more of a speculation of the price development rather than the prediction of the price projected in the future. Few of these theories are work in progress and probably they may get nullified. Feel free to share your thoughts on BTC in the comments below.
