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We can trace a long term parallel channel for BITCOIN with some penetrations.
The bottom is near 30k USD, a little bit higher.
MACD daily shows bullish divergence and weakness to the bears side as we approach the bottom of this channel. I am expecting a turn around soon.
The blue support broke near a strong resistance level, with bearish divergence daily RSI. Expecting a return to retest the black support and possibility of breaking it down. Lower highs taking shape, a possible descending triangle could happen.
TOTAL2 is above strong support and Stochastic wekly has been oversold for long time. Waiting a new ATH in altcoins market cap, at least hitting the blue line.
Another point is the correction of the complete wave stopped above 61.8% Fib, a strong support.
We have two strong candles that rejected the support 33k-34k and moved the price action above the 40k USD again. Currently at 44k USD we have a resistance level.
The normal scenario is: after a W pattern we retest the middle of the pattern (40k USD) and expect further continuation to the upside. The major resistance now is 61.8% around 52k USD. I see a...
When the market was completely bullish for altcoins, the hype was in and everybody was bullish, super cycle. Now the markets are completely REKT and back to main support levels, everybody is bearish. Who understands?
Weekly RSI and Stochastic FLAT
I am not convinced BITCOIN is bearish. I see a possible ELLIOTT waves counting when wave 2 is done above 78.6% Fibonacci level. The breakout of the bearish trend is clear too.
I see the possibilit of price action making final waves 3 and 5 .
Analyzing ALTCOINS chart we can see that weekly Stochastic has been oversold for a long time.
A possible long term support could be here as well. I believe we will see a surprise a strong altcoins run to at least 2 t Market cap.
Moreover, the correction of first wave ended above 61.8%. A super strong support. I think we will make waves 3 and 5 now.
The symmetrical triangle is still alive. After finding support, I believe that DENT could finally break 61.8% of the major correction and hit the Fib levels in the rectangle. It is also the height of the triangle.
Daily RSI is bottomed again.
We can see that BITCOIN is possibly forming an inverse HS on the chart. After the pullback to 41k USD level, I am exepecting a retest of 52k USD (61.8% Fib). From 52k USD I believe we can see a retracement and shape a right shoulder of an inverse HS, and therefore a reversal pattern.
We can mention that the bearish blue resistance was broken, giving birth to a...