BITO, the futures ETF for Bitcoin, is potentially putting in a double bottom here similar to how BTC is forming.
Whether you want to reference a wyckoff schematic, the Bullish Shark pattern with a type 2 in place, or the elliot wave structure on the corrective move from the peak, weve also got a few nice drives of Bullish divergence on the RSI as well as on the MACD here.
RSI is also moving above its average and above the 40 level
A common retracement here would be between 16 (382 fib) to 20$ at the 618 for a local target with a 618 retracement of the full ABC down, sitting at about 26$
This week will be important for all markets, as we could be getting a major move soon.
With the current macro picture in mind, its best to wait for confirmation, but in any case, keep your plan in mind and exercise risk management and proper position sizing.
Whether you want to reference a wyckoff schematic, the Bullish Shark pattern with a type 2 in place, or the elliot wave structure on the corrective move from the peak, weve also got a few nice drives of Bullish divergence on the RSI as well as on the MACD here.
RSI is also moving above its average and above the 40 level
A common retracement here would be between 16 (382 fib) to 20$ at the 618 for a local target with a 618 retracement of the full ABC down, sitting at about 26$
This week will be important for all markets, as we could be getting a major move soon.
With the current macro picture in mind, its best to wait for confirmation, but in any case, keep your plan in mind and exercise risk management and proper position sizing.
