BTC healthy

Hello everyone. I know most of you have been sh....g in your pants. I have received tons of messages of panicking people over the last FUD, Evergrande. Now few words on that. Although the company is huge with 300 billion worth of assets and 100 billion debt internationally, the company seems to be making payments slowly. Also, I believe the Chinese will intervene as, in reality, this affects more their markets than the European and American. Although the giant owns money to some 171 banks (we know banks are not clever with their investments, especially estates), Evergrande has physical properties with tangible value and steady prices that possibly cover most of the debt. So even in the case of a defaulting company, the debtors can redeem most of the money by the assets that Evergrande once owned. So it would be likely temporary, and with the amount of stimulus and easy hands-on printing showed by the government, I would be surprised if it would affect the European and American market so severely unless the crash happens when the contractionary monetary policy where the credit crunch due to the Evergrande crush meet higher interest rates which will make borrowing for small companies very expensive hence almost impossible.
This is why I watch charts and do not pay much attention to the news.
Enough of that... Now let s talk about Technical Analysis.
Bitcoin is looking healthy, and anyone that is saying otherwise is a Mor....n.
In the last chart, I laid out the possible path of BTC in the next 20 days. As you see from the chart, I expected BTC to reach 69-70k and meet a rejection, retracing to 43500 - 44k. That is precisely what happened creating minor wave 1 of intermediate wave 3. Also, if we follow the pattern, I pointed out, the bullish pennant. This one is a perfect breakout and retest, an excellent opportunity for adding to the position.
Nevertheless, BTC has created a neutral Harami on the daily, which suggest consolidation between the boundaries of the last green solid candle. It has successfully touched the upper boundary of the BB with a perfect retracement on the mean (20MA) to test the strength of the move. As you can see from the chart, the green box is the support and adding zone. Indicators have almost reset in the oversold area after heating up fairly quickly. This suggests a new fresh pump should be coming soon. although BTC is trading in a beautiful EW channel, I believe it will likely break out of the channel due to the highly euphoric state. If we look at the volume, there was extremely high volume in the sell-off due to the panic selling and long liquidations, which has created a fantastic opportunity for whales and new buyers to step in. I see BTC now push to 82k with a retracement to 74 before hitting the 100k landmark.
I hope you enjoy the content.
If you do, leave a comment.
FOLLOW ME, LIKE, SHARE AND COMMENT

Comment:

Hello peeps. I realised I did a mistake. I expect BTC to retrace max to 63-64k
NO 43-44k.
sorry for the mistake.