Bitcoin in short term perspective and identifying local bottom
Just to make it clear with my latest bias which I said that the bull run is not over yet and we'll need the drop for the proof of healthy correction in the market and the proof that there is just small amount of manipulation occurs in this market. Cryptocurrency market on most of the altcoins are now having the positive correlation with the bitcoin's price which the altcoins are now following the bitcoin's price comparing to the fiat. This is the indication that the profit taking from the big holders are almost getting near.
First of all, I do believe that the bull run is not over yet and this is not the most severe drop that we'll see as the capitulation. Please correct my word at the previous analysis which I said that the possible capitulation is on the play. The fact that at current price action that is occurring in the market is not so significant yet, I do believe this is not the capitulation but only the healthy correction that we need.
The big holders have almost finished their taking profit action at this level but we'll see more drop as the fear from the retailers in the next action when this relief rally finishes. Although I do believe that the price will shows another surges to the upside to create another ATH, there is still a local bottom to be reach in the near future. I see the strong support based on price action which is around $30000 range and anticipate the liquidation zone to the $26000 which is moving in alignment with the golden pocket zone. This assumption is also supported with the RSI which we haven't seen any sign of divergence yet. Also the MACD is still haven't shown any gaining strength in the 4 hours time frame.
My action at this possible drop is not shorting the market. Quite the opposite, I'll try to add more quantity of my bitcoin at the yellow zone which will become my accumulation zone to catch the possible $49000 movement to the upside like what I've covered perfectly on my previous EW count.
First of all, I do believe that the bull run is not over yet and this is not the most severe drop that we'll see as the capitulation. Please correct my word at the previous analysis which I said that the possible capitulation is on the play. The fact that at current price action that is occurring in the market is not so significant yet, I do believe this is not the capitulation but only the healthy correction that we need.
The big holders have almost finished their taking profit action at this level but we'll see more drop as the fear from the retailers in the next action when this relief rally finishes. Although I do believe that the price will shows another surges to the upside to create another ATH, there is still a local bottom to be reach in the near future. I see the strong support based on price action which is around $30000 range and anticipate the liquidation zone to the $26000 which is moving in alignment with the golden pocket zone. This assumption is also supported with the RSI which we haven't seen any sign of divergence yet. Also the MACD is still haven't shown any gaining strength in the 4 hours time frame.
My action at this possible drop is not shorting the market. Quite the opposite, I'll try to add more quantity of my bitcoin at the yellow zone which will become my accumulation zone to catch the possible $49000 movement to the upside like what I've covered perfectly on my previous EW count.
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