We've seen a complete Elliott Wave here as well as hitting a VPVR high volume area and major resistance trendline dating back to the 2017 peak. The halving is just a few days away and I expect many will sell the news which means many will sell before those people sell. You can see this already starting on OTC:GBTC into the close today like a predictor of weekend BTC price action. Even if this isn't the exact top and we get a short squeeze it will still come back down. Normally these parabolic advances have 20-30% drops after them almost every time, just take a look historically on the chart. This sort of drop would put us in the 8000-8400 area which also lines up with the big picture 50% fibonacci retracement. Also we have BB%B and Stochastic RSI overbought (I consider these less important though).
TL;DR version: sell and wait for the impending 20% drop then buy due to the overall bullish picture for BTC long term.
As always, conversation and free real time analysis welcome in our chat at the link below. Have a great weekend!
TL;DR version: sell and wait for the impending 20% drop then buy due to the overall bullish picture for BTC long term.
As always, conversation and free real time analysis welcome in our chat at the link below. Have a great weekend!
Join us at t.me/flourishingcapital
