Last time I made an analysis on the daily on BTC I told that the downtrend wasn't over and that we would probably reach the 38.2% retracement support of wave (3) at the price of 22 134 $.
We have now reached it and even just a bit lower. There's therefore a huge chance that the bottom is in now.
FA:
Maybe the FED are going to completely focus on keeping the unemployement low and the production high instead of fighting inflation. If they do this, how crazy this might sound, then they won't rise rates further than intended. Such news tomorrow after the FOMC meeting could make the market go totally crazy upwards. If they however, rise the rates more than planned, then expect the same trend downwards.
TA:
In the beginning, I though wave ((iv)) of C of (4) was going higher to make an ending diagonal* but maybe I was just wrong with my count for its' wave ((i)) and that it is a normal impulse down instead.
Why I think so is because of a few technical indicators that just can't be ignored:
>The price has reached the 38.2% retracement of wave (3) which should be a major support for a wave (4).
>The volume is actually lower on this new low which is signalling that the downtrend is loosing strength and is a bullish div.
>There are some bullish div forming in the hourly TFs on the RSI.
So yes it might maybe make a smaller lower low in the hourly tf to make more significant bullish div but I think it should be reversing very soon. Tomorrow might be the day!
*An ending diagonal: is a 5 waves move that happens in either in wave 5 of an impulse or wave C of a zigzag . It's the only bullish 5 waves sequence (with the leading diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are always 3 waves sequences.
We have now reached it and even just a bit lower. There's therefore a huge chance that the bottom is in now.
FA:
Maybe the FED are going to completely focus on keeping the unemployement low and the production high instead of fighting inflation. If they do this, how crazy this might sound, then they won't rise rates further than intended. Such news tomorrow after the FOMC meeting could make the market go totally crazy upwards. If they however, rise the rates more than planned, then expect the same trend downwards.
TA:
In the beginning, I though wave ((iv)) of C of (4) was going higher to make an ending diagonal* but maybe I was just wrong with my count for its' wave ((i)) and that it is a normal impulse down instead.
Why I think so is because of a few technical indicators that just can't be ignored:
>The price has reached the 38.2% retracement of wave (3) which should be a major support for a wave (4).
>The volume is actually lower on this new low which is signalling that the downtrend is loosing strength and is a bullish div.
>There are some bullish div forming in the hourly TFs on the RSI.
So yes it might maybe make a smaller lower low in the hourly tf to make more significant bullish div but I think it should be reversing very soon. Tomorrow might be the day!
*An ending diagonal: is a 5 waves move that happens in either in wave 5 of an impulse or wave C of a zigzag . It's the only bullish 5 waves sequence (with the leading diagonal ) where the 4th wave of it breaks below the top of the 1st wave. Its' subwaves are always 3 waves sequences.