Where do we begin, well here it goes:
We are in a Bear Market
1. All time high bubble has popped with a fastest one month drop of 36% in history,exceeding the pace of declines even during the Great Depression.
2. Megaphone pattern is playing out from 2018-2020 high and lows
3. Elliott Wave corrective ABC with leg B looks to be completed with 2800 level...
We are clearly seeing a setup for a downturn, upper trend line is rejected.
Next FIb level down is .236 (2860) but 2900 will be defended first.
This could unwind all the way down to Dec 2018 lows (2345)
Market is overbought and inflated by the FED easy money policy and we are in a bubble.
Drop could be substantial, if FED comes out with .25 instead of expected .50...
BTC looks good here and remains in the bullish divergence.
Falling wedge with a rising RSI is clearly there.
Bottom remains at $3122 and $4K should be tested again shortly.
Presently $3600 is holding after a $500 selloff.
This is a textbook breakout for BTC as visible here on a daily time frame.
Descending wedge together with a bullish divergence on RSI.
Bottom was in at 3100 level.
We are seeing a positive bullish divergence developing on RSI, this is clearly visible in the daily chart.
BTC price is trying to also break through a down trend line from $6K level.
This could be a turning point with a confirmed bottom put in at $3200 range.
BTC has a big enough volume node to support it at $4K but if lost we are looking at 3700-3000 range and then there is volume void.
Hopefully it will not get to below $3500, turnaround could be very fast and sub$3K a bargain entry.
There is also a correlation to stock market in existence and BTC follows it, needs to diverge from stocks to be a winner.
We are clearly seeing a tripple bottom achieved here, support points shown with green arrows.
Trend reversal happened on May 29-30th
Breakout is in the works for BTC and all cryptos in June.
Looks like we have hit major technical levels on the FIb retracements and should have a support.
Bull flag is long and breakout is very possible here.
We are oversold on RSI and I look for a bounce into $10K area with new buyer coming back in.
