since the "bottom" on November 25th, the price action has been in a corrective structure running flat as all the waves are 3 waves abc. This corrective structure has formed a horizontal bear flag akin to a wickoff accumulation range. The pole of the bear flag starts at 10k after the huge 40% pump.
The waves sometime subdivide to lower degrees which would confuse someone into believing they are 5 wave impulse. However the ratio of each wave is astonishingly 1 to 1 which is the hallmark of abc correction.
The last harmonic in the chart projects the next corrective move upward. So it will not be surprising to see a drop to 7113 then go up to 7677. This in keeping of the 1 to 1 ratio of A and C.
the bullish case will be a straight run up to the 1D 200 ema around 7.7k which coincide with the supply line of the descending channel since august, or arguably 2019 ATH.
The measured move of the bear flag is 4k.
I have doubts that November 25th was the bottom, considering many long time scale indicators in particular the monthly MACD and RSI. for sure no moon before we really bottom which can be any time until the halving.
The waves sometime subdivide to lower degrees which would confuse someone into believing they are 5 wave impulse. However the ratio of each wave is astonishingly 1 to 1 which is the hallmark of abc correction.
The last harmonic in the chart projects the next corrective move upward. So it will not be surprising to see a drop to 7113 then go up to 7677. This in keeping of the 1 to 1 ratio of A and C.
the bullish case will be a straight run up to the 1D 200 ema around 7.7k which coincide with the supply line of the descending channel since august, or arguably 2019 ATH.
The measured move of the bear flag is 4k.
I have doubts that November 25th was the bottom, considering many long time scale indicators in particular the monthly MACD and RSI. for sure no moon before we really bottom which can be any time until the halving.
Trade active:
Trade active:
back on track, overshot by $300.
