Bitcoin and crypto in general has been in a massive decline since November 2021. On May 12, 2022 we've seen signs of a panic selloff. However, this decline was mostly reversed by the end of the day resulting in a massive candle wick. Sentiment is at an extreme right now ( alternative.me/crypt...ear-and-greed-index/ ) which is actually a good sign. Many are calling for $20K Bitcoin, but I think we are reversing right now. Thursday's reversal lines up perfectly with a trend line on a *closing* basis going back since March 2021. We have a bullish divergence in RSI. This also set's us up perfectly for one final Elliott Wave (5) push to end the current cycle.
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If you found value in this post or you've been receiving receiving good value from my posts, I'd appreciate a Thumbs Up and a Follow if you haven't already done so. Thank you.
DISCLAIMER: All investments involve risk or loss. None of my posts should be construed as financial advice. You are responsible for your own financial well being so always do your own diligence.
Comment:
It's been 5 days since the May 12 low. Not only have we held the May 12 intraday low, but we've held the closing low. As I type this, the crypto fear and greed index has hit 8 which we have not seen since the pandemic low of March 2020 when everything was on lockdown. This is an excellent setup for the next bull run.