Given the recent slump in BTC's price and fears of COVID 19. The retracement has been healthy and reactive but it still does not confirm whether we have completely bottomed.
The RSI and the MACD is the key indicator here, for bullish strength bullish divergence must form. A 5th wave will mean things will come into fruition and is very much on the move given the rule of alternation, Waves 2 and 4 have hit their respective targets of approx. 0.382 and 0.618. But how far exactly will the 5th wave be given such large price decline already?
Safest bet we could see the price double bottoming, reaching the same price extreme as the 3rd wave. Or a slight conservative approach, a truncated 5th given how the momentum to the downside was already pretty strong.
The RSI and the MACD is the key indicator here, for bullish strength bullish divergence must form. A 5th wave will mean things will come into fruition and is very much on the move given the rule of alternation, Waves 2 and 4 have hit their respective targets of approx. 0.382 and 0.618. But how far exactly will the 5th wave be given such large price decline already?
Safest bet we could see the price double bottoming, reaching the same price extreme as the 3rd wave. Or a slight conservative approach, a truncated 5th given how the momentum to the downside was already pretty strong.